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Hollywood Florida Cash Out & New Construction Hard Money Loan

Address: Hollywood, FL
Borrower Profile: Repeat Borrower & Experienced Builder
Work Description: New Construction - (3) Single Family Homes
Purchase Price: $99,999
Renovation Budget: $432,000 (Construction)
Loan Amount: $471,000
Cash Available for Purchase: $39,000 (Cash Out)
Cash Available for Renovation: $432,000 (Construction)
Loan Structure: 12 Months Interest Only
Loan Purpose: Cash Out And New Construction
ARV: $945,000
Situation:

Asset Based Lending recently funded a hard money cash out & new construction loan in Hollywood Florida. The borrower is an experienced builder and real estate investor that has worked with ABL on multiple successful deals before. This blanket loan covers the construction of three separate homes with identical builds on three different lots that were purchased together. All the land was purchased for $99,999 with a construction budget of $432,000 and total loan funded at nearly 89% LTC. Each build will be a single-family detached 3-bedroom, 2-bathroom measured at a total of 1529 ft.┬▓ with 1166 ft.┬▓ under air. Construction is expected to take approximately four months.

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