201-942-9089 info@abl1.net

Houston Texas Hard Money New Construction Loan

Address: Houston, Texas
Borrower Profile: Repeat Borrower — Experienced Real Estate Developer
Work Description: New Construction — Duplex
Purchase Price: $101,500
Renovation Budget: $312,000 (Construction)
Loan Amount: $341,000
Cash Available for Purchase: $29,000
Cash Available for Renovation: $312,000 (Construction)
Loan Structure: 12 months interest only
Loan Purpose: Cash Out Refinance & New Construction
ARV: $530,000
Houston Hard Money
TX Hard Money Lender

­­Asset Based Lending recently funded a cash out and new construction loan for a repeat borrower and experienced investor. This new construction project involves building a side-by-side, single-story duplex on a parcel of land the borrower already purchased. The borrower is using the cash out to repay the original loan they used to purchase the land and ABL is financing 83% of the loan to cost as well as 100% of the construction budget. Each duplex will have 3 bedrooms and 3 bathrooms. The kitchens will be finished with quartz countertops and stainless-steel appliances. A standup shower will be installed in the ensuite bathroom while the secondary bathrooms will have tubs. Construction for this duplex is expected to last up to 12 months and the borrower plans to list these properties for final sale.

Texas New Construction Loan
Houston New Construction