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Ocala FL New Construction Hard Money Loan

Address: Ocala, FL
Borrower Profile: First Time Borrower, Experienced Investor
Work Description: New Construction - Single Family
Purchase Price: $13,600
Renovation Budget: $161,000 (Construction)
Loan Amount: $130,000
Cash Available for Renovation: $130,000 (Construction)
Loan Structure: 12 Months Interest Only
Loan Purpose: New Construction
ARV: $200,000

Asset Based Lending recently funded a hard money new construction loan in Ocala Florida for a first-time borrower with previous real estate investing experience. The parcel of land was purchased for $13,600 with a construction budget of $161,000 and total loan funded at 74% LTC. The proposed build will be a single-family detached 4-bedroom, 2-bath with a 2-car garage. The property will be measured at a total square footage of 2275 ft.┬▓ with 1679 ft.┬▓ under air. Home will follow an open floor plan and be constructed as a standard mid-range bungalow. Property highlights will include 9-foot-high ceilings, waterproof and scratchproof walls, granite countertops, and white shaker cabinets. Construction time is expected to take 3 months.

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