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North Port FL New Construction Hard Money Loan

Address: North Port, FL
Borrower Profile: Experienced Investor & Builder
Work Description: New Construction – 10 Single Family Homes
Purchase Price: $200,000
Renovation Budget: $2,107,189 (Construction)
Loan Amount: $1,934,960
Cash Available for Purchase: $0
Cash Available for Renovation: $2,107,189 (Construction)
Loan Structure: 12 Months Interest Only
Loan Purpose: New Construction
ARV: $2,880,000
Situation:

Asset Based Lending recently funded a hard money new construction loan in North Port FL. The borrower is a first-time borrower and experienced full-time builder. This is a blanket loan that covers the construction of 10 separate builds on separate lots. The parcels of land were purchased for a total $200,000 with a construction budget of $2,107,189 and total loan funded at nearly 84% LTC. Seven of the proposed builds are 4-bedroom, 2-bathroom with a total square footage of 2380 ft.² and 1779 ft.² under air. Three of the proposed builds are 3-bedroom, 2-bathroom with total square footage of 2653 ft.² and 1983 ft.² under air. Construction is expected to take five months with final sale occurring 45 days after project completion.

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