201-942-9089 info@abl1.net

Walland Tennessee Hard Money New Construction Loan

Address: Walland, Tennessee
Borrower Profile: Repeat Borrower — Experienced Real Estate Developer
Work Description: New Construction — Single Family Detached
Purchase Price: $140,000
Renovation Budget: $883,050 (Construction)
Loan Amount: $903,000
Cash Available for Purchase: $19,950
Cash Available for Renovation: $883,050 (Construction)
Loan Structure: 15 months interest only
Loan Purpose: Cash Out & Property New Construction
ARV: $1,411,000
Situation:

­­­Asset Based Lending recently funded a cash out and new construction project in Walland Tennessee for a repeat borrower and experienced real estate investor. This borrower has worked with ABL on four new construction projects around Sevierville and Walland. For this project, the borrower is constructing a single family detached property with three bedrooms and four and a half bathrooms. The first floor will feature an open plan kitchen and living space as well as the main bedroom and ensuite. The second floor will have the remaining bedrooms and a loft space. The kitchen will have quartz countertops and an island that will seat 5 people. The floors will be luxury vinyl tile throughout the home and tiled floors in the bathrooms. This project is expected to last 15 months, at which time the home will be listed for final sale.