201-942-9089 info@abl1.net

Pigeon Forge Tennessee Hard Money New Construction Loan

Address: Pigeon Forge, Tennessee
Borrower Profile: First Time Borrower — Experienced Real Estate Developer
Work Description: New Construction — Single Family
Purchase Price: $250,000
Renovation Budget: $636,840 (Construction)
Loan Amount: $715,000
Cash Available for Purchase: $78,160
Cash Available for Renovation: $636,840 (Construction)
Loan Structure: 12 months interest only
Loan Purpose: Cash Out Refinance & New Construction
ARV: $1,150,000
Situation:

­­Asset Based Lending recently funded a new construction project for a first-time borrower and experienced real estate developer in Pigeon Forge Tennessee. This borrower has completed more than 5 ground up construction projects in the last three years, some of which were the same model as this project. The borrower purchased this lot in cash in 2021 and completed the work for rezoning the land and the horizontal work prior to contacting ABL for the New Construction loan. For this property, the borrower will construct a single-family home with a pool in the backyard. The interior of the home will feature LVP flooring throughout the home, stainless steel appliances in the kitchen, and open concept living spaces. Construction is expected to last 6 months and the borrower plans to hold the property as a short-term rental.