201-942-9089 info@abl1.net

Lubbock Texas New Construction Loan

Address: Lubbock, TX
Borrower Profile: First Time Borrower — Experienced Real Estate Investor
Work Description: New Construction — Single Family
Purchase Price: $72,500
Renovation Budget: $352,000 (Construction)
Loan Amount: $360,000
Cash Available for Purchase: $40,000
Cash Available for Renovation: $320,000 (Construction)
Loan Structure: 12 months interest only
Loan Purpose: Land Purchase & Property New Construction
ARV: $630,000

Asset Based Lending recently funded a hard money new construction loan in Lubbock Texas. The borrower is a first time borrower and experienced real estate investor. The proposed build is a 4-bedroom, 3-bathroom single-family measured at 3,100 square feet. Property will be highlighted by Milgard windows, brick and stone facade, LVP and carpet floors, and mid-grade finishes. Kitchen will feature birch and maple cabinets, granite countertops, tile backsplash, and stainless steel appliances. Bathrooms will feature full tub and shower combos with granite countertops, with the master bathroom boasting a dual vanity. Construction is expected to take approximately six months, with final sale occurring shortly after completion.