201-942-9089 info@abl1.net

Knoxville Tennessee New Construction Loan

Address: Knoxville, TN
Borrower Profile: First-Time Borrower — Full-Time Real Estate Investor
Work Description: New Construction — Four Identical Single-Family Homes
Purchase Price: $85,000
Renovation Budget: $680,000 (Construction)
Loan Amount: $650,000
Cash Available for Purchase: $0
Cash Available for Renovation: $650,000 (Construction)
Loan Structure: 12 months interest only
Loan Purpose: Property New Construction
ARV: $1,360,000

Asset Based Lending recently funded a hard money new construction loan in Knoxville Tennessee. The borrower is a first-time borrower and experienced real estate investor. The proposed build is for four identical single-family homes with 3-bedrooms, 2-bathrooms measured at a total of 1,158 square feet each. The homes will be highlighted by mid-level finishes, double hung windows, nine-foot-high ceilings, solid core doors, LVP floors throughout, and crown moldings. Kitchen will be highlighted by two-person island, granite countertops, white shaker cabinets, and stainless steel appliances. Construction is expected to take up to six months with final sale occurring shortly after completion.