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Lehigh Acres FL Cash Out & New Construction Hard Money Loan

Address: Lehigh Acres, FL
Borrower Profile: Repeat Borrower & Experienced Investor
Work Description: New Construction - 2 Duplexes
Purchase Price: $32,000
Renovation Budget: $480,000 (Construction)
Loan Amount: $460,000
Cash Available for Purchase: $49,512 (Cash Out)
Cash Available for Renovation: $410,488 (Construction)
Loan Structure: 12 Months Interest Only
Loan Purpose: Cash Out And New Construction
ARV: $642,000
Situation:

Asset Based Lending recently funded a cash out and new construction hard money loan in Lehigh Acres FL. The borrower is a repeat borrower and highly experienced investor. The property was purchased for $32,000 with a construction budget of $480,000 and total loan funded at nearly 90% LTC. The proposed build is for two separate and identical duplexes that will each feature the same two units of 3-bedroom, 2-bathroom measured at 1,683 square feet. Units will be highlighted by 10-foot-high vaulted ceilings, vinyl flooring, granite countertops in the kitchen, impact windows, and more. Construction is expected to take approximately four months and both properties have been pre-sold.

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