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Palm Bay FL New Construction Hard Money Loan

Address: Palm Bay, FL
Borrower Profile: Repeat Borrower & Experienced Investor
Work Description: New Construction – Single-Family
Purchase Price: $19,000
Renovation Budget: $214,812 (Construction)
Loan Amount: $210,430
Cash Available for Renovation: $210,430 (Construction)
Loan Structure: 12 Months Interest Only
Loan Purpose: New Construction
ARV: $285,000

Asset Based Lending recently funded a new construction hard money loan in Palm Bay, FL. The borrower is a repeat borrower and experienced real estate investor. The parcel was purchased for $19,000 with a construction budget of $214,812 and total loan funded at 90% LTC. The proposed build will be a single family 3-bedroom, 3-bathroom measured at a total of 2660 ft.² and 2121 ft.² under air. Home will feature a concrete exterior and shingle roof highlighted by granite counters, stainless steel appliances, custom cabinets, and tile flooring.

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