Hard Money Purchase Loan In Cape Coral Florida
Address: Cape Coral, FL
Borrower Profile: Experienced Real Estate Developers
Work Description: Purchase Of Condo Development Project
Purchase Price: $4,600,000
Loan Amount: $3,000,000
Cash Available for Purchase: $2,800,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Property Purchase Only
ARV: $5,970,000 (as-is)
Situation:
Asset Based Lending recently funded a hard money loan in Cape Coral, Florida for a 32 unit condo development project. The loan is secured by 24 completed units and the land to build 20 additional units. The land has been fully developed and the entire infrastructure is in place; water sewer, roads, power plus all the approved plans and specs to build the remaining 20 condos. The sponsors of this project are experienced real estate developers in the Fort Meyers area, and met ABL at a local networking event for real estate investors. ABL was able to finance this hard money loan in roughly 3 weeks.
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