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Tampa Florida Multi Property New Construction Hard Money Loan

Address: Tampa, FL
Borrower Profile: First Time Borrower, Experienced Builder
Work Description: New Construction – 2 Single-Family Homes
Purchase Price: $1,450,000
Renovation Budget: $2,100,000 (Construction)
Loan Amount: $3,115,000
Cash Available for Purchase: $1,015,000
Cash Available for Renovation: $2,100,000 (Construction)
Loan Structure: 12 Months Interest Only
Loan Purpose: Land Purchase And New Construction
ARV: $4,800,000
Situation:

Asset Based Lending recently funded a hard money new construction loan in Tampa Florida. The borrower is a first-time borrower and experienced builder. The property was purchased for $1,450,000 with a construction budget of $2,100,000 and total loan funded at 88% LTC. This loan covers the construction of two separate homes on a double lot. Both proposed builds are high-end single-family 5-bedroom, 4.5-bathroom measured at 5,316 square feet each. The homes will feature similar layouts with slightly different materials and finishes, with one build designed as modern and the other designed as traditional. Both kitchens will feature shaker cabinets, quartz countertops, marble backsplash, and high-end appliances. All bathrooms will include marble floors and walls, quartz or marble countertops, shaker cabinets, standing shower with cubbies, and soaking tub in master bath. Construction is expected to take nine months with final sale occurring before project is finished.

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