Pinellas Park Florida Property Purchase Hard Money Loan
Address: Pinellas Park, FL
Borrower Profile: Repeat Borrower — Full-Time Real Estate Investor
Work Description: Property Purchase — Multifamily 9
Purchase Price: $1,088,000
Renovation Budget: $0
Loan Amount: $900,000
Cash Available for Purchase: $900,000
Cash Available for Renovation: $0
Loan Structure: 12 months interest only
Loan Purpose: Property Purchase Only
ARV: $1,200,000 (As-Is)
Situation:
Asset Based Lending recently funded a hard money property purchase loan in Pinellas Park Florida. The property was purchased for $1,088,000 with a total loan amount of $900,000 funded at 83% LTC. The property is a nine-unit multifamily apartment complex which is spread across three buildings that each have three 2-bedroom, 2-bathroom units measured at 777 square feet per unit. The borrower will finance the renovation costs with their own money, but will continue to hold the property as an income-producing asset using ABL’s rental refinance program. This loan will be refinanced into the long term rental loan in approximately six months.
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