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Madeira Beach FL New Construction Hard Money Loan

Address: Madeira Beach, FL
Borrower Profile: Repeat Borrower & Experienced Investor
Work Description: New Construction - Single Family
Purchase Price: $350,000
Renovation Budget: $880,000 (Construction)
Loan Amount: $910,000
Cash Available for Purchase: $30,000
Cash Available for Renovation: $880,000 (Construction)
Loan Structure: 12 Months Interest Only
Loan Purpose: Cash Out And New Construction
ARV: $1,800,000
Situation:

Asset Based Lending recently funded a hard money new construction loan in Madeira Beach FL for a repeat borrower with extensive real estate investing experience. The parcel of land was purchased for $350,000 with a construction budget of $880,000 and a total loan funded at nearly 74% LTC. The subject build will be a three-story 4-bedroom, 3.5-bathroom single-family home with an elevator. The total square footage under air will be 3141 ft.┬▓. The home will feature custom luxury finishes including unique tiling in each bathroom and quartz countertops in the kitchen. The home will include weather safety measures such as a metal roof and 150mph windproof windows. Construction is set to take approximately 8 months and is expected to sell before completion.

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