201-942-9089 info@abl1.net

Memphis Tennessee New Construction Loan

Address: Memphis, TN
Borrower Profile: First Time Borrower — Experienced Real Estate Investor
Work Description: New Construction — Multifamily 2
Purchase Price: $5,000
Renovation Budget: $160,000 (Construction)
Loan Amount: $123,000
Cash Available for Purchase: $0
Cash Available for Renovation: $123,000
Loan Structure: 12 months interest only
Loan Purpose: Property New Construction Only
ARV: $190,000

Asset Based Lending recently funded a hard money new construction loan in Memphis Tennessee. The borrower is a first time borrower and experienced real estate investor. The proposed build is a two-unit multifamily where both units will be 3-bedroom, 3-bathroom measured at 900 square feet. Units will be side by side mirror images of each other. Property will be highlighted by mid-level finishes, country style vertical siding, Pella single hung windows, and eight-foot high ceilings. Kitchens will feature granite or upgraded formica counters, stock cabinets, and mid-level stainless steel appliances. Bathrooms will feature LVP flooring, tub & shower combo, and higher end finishes in the master bath. The borrower is using a build to rent strategy, holding the property as an income producing asset with ABL’s rental refinance program. Construction is expected to take approximately five months, with loan refinancing occurring shortly after completion.