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Lehigh Acres Florida Hard Money Construction Loan

Address: Lehigh Acres, FL
Borrower Profile: Repeat Borrower — Experienced Real Estate Investor
Work Description: New Construction — Duplex
Purchase Price: $21,000
Renovation Budget: $335,172 (Construction)
Loan Amount: $320,000
Cash Available for Purchase: $0
Cash Available for Renovation: $320,000 (Construction)
Loan Structure: 12 months interest only
Loan Purpose: Property New Construction Only
ARV: $510,000
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Florida new construction loan
Situation:

Asset Based Lending recently funded a hard money new construction loan in Lehigh Acres Florida. This real estate investor is a repeat borrower with ABL and has built several similar projects in the Florida market. The proposed building is a single-story duplex that’s divided down the middle into two units that each have 3-bedroom, 2-bathroom, and 1-car garage measured at 1,176 square feet each. These units will feature mid-grade finishes with a cinder block & stucco façade, hurricane impact windows, eight-foot-high ceilings, tile flooring throughout, and hollow core interior doors. The kitchen will be highlighted by shaker cabinets, granite countertops, and stainless-steel appliances. Bathrooms will feature single vanity and bath & tub combinations. The project is expected to take approximately six months, with final sale occurring shortly after completion.

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