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Eden North Carolina New Construction Loan

Address: Eden, NC
Borrower Profile: Repeat Borrower — Full-Time Real Estate Investor
Work Description: New Construction — Two Identical Single-Family Homes
Purchase Price: $57,500
Renovation Budget: $353,700 (Construction)
Loan Amount: $262,000
Cash Available for Purchase: $245,140
Cash Available for Renovation: $262,000 (Construction)
Loan Structure: 12 months interest only
Loan Purpose: Property New Construction
ARV: $404,000
North Carolina hard money loans
NC direct hard money lender
Situation:

Asset Based Lending recently funded a hard money new construction loan in Eden North Carolina. The borrower is a repeat borrower and experienced real estate investor. The proposed build is for two identical single-family homes with 3-bedrooms, 2-bathrooms measured at a total of 1,100 square feet. These Craftsman-style bungalos will feature mid-grade finishes, stone facade, double hung windows, nine-foot-high ceilings throughout, oak hardwood floors, and base moldings. Kitchens will be highlighted by granite countertops, soft-close doors and drawers, and stainless steel appliances while the bathrooms are highlighted by unique tiling in each. Project is expected to take four months with final sale expected before the construction is completed.

New construction loan North Carolina
Eden North Carolina hard money lender