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Naples Florida Cash Out & New Construction Hard Money Loan

Address: Naples, FL
Borrower Profile: First-Time Borrower – Experienced Builder
Work Description: New Build – Single-Family Detached
Purchase Price: $75,000
Renovation Budget: $328,150 (Construction)
Loan Amount: $362,000
Cash Available for Purchase: $33,850
Cash Available for Renovation: $328,150 (Construction)
Loan Structure: 12 Months Interest Only
Loan Purpose: Cash Out And New Construction
ARV: $657,000

Asset Based Lending recently funded a cash out & new construction hard money loan in Naples Florida. The borrower is a first-time borrower and experienced real estate investor. The property was purchased for $75,000 with a construction budget of $328,150 and total loan funded at nearly 90% LTC. The proposed build is a single family 4-bedroom, 2.5-bathroom with a den, foyer and covered patio measured at 2,622 ft.².  Home will be highlighted by 10-foot-high ceilings, impact windows, and tile roof. Kitchen will feature solid wood cabinets, quartz or granite countertops, and stainless-steel appliances. Bath will feature wall tile porcelain, glass enclosure, and quartz or granite vanities. Construction is expected to take approximately six months with final sale occurring shortly after completion.

Hard money construction loans in Naples Florida
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