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New Construction Funded By FL Hard Money Lender In Sarasota

Address: Sarasota, FL
Borrower Profile: Experienced Investor & Builder
Work Description: New Construction - Single Family
Purchase Price: $560,000
Renovation Budget: $800,000
Loan Amount: $1,080,000
Cash Available for Purchase: $280,000 (Cash Out)
Cash Available for Renovation: $800,000 (Construction)
Loan Structure: 12 Months Interest Only
Loan Purpose: Cash Out And New Construction
ARV: $2,400,000
Situation:

Asset Based Lending recently funded a hard money loan for cash out and new construction of a home in Sarasota, Florida. The borrower is new to ABL, but has built several houses previously ans has been a real estate investor for over 15 years. The land was purchased a year ago in cash for $560,000, with $800,000 needed to construct the two-story 6 bed 6.6 bathroom 5,100 square foot single family home. The home will feature high-end finishes, a 2-car garage, a large covered lanai, and an open floor plan throughout.

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