Hard Money Cash Out and New Construction Loan in St. Petersburg, FL

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Address: St Petersburg, FL

Borrower Profile: Experienced Investor & Builder

Work Description: New Construction Of 2 Single Family Homes

Purchase Price: $175,000

Renovation Budget: $525,000 (Construction)

Loan Amount: $560,000

Cash Available for Purchase: $20,000 (Cash Out)

Cash Available for Renovation: $525,000 (Construction)

Loan Structure: 12 Months Interest Only

Loan Purpose: Cash Out And New Construction

ARV: $900,000

Situation:

For this borrower’s 7th hard money construction loan with ABL, he is turning one single family home into two. After tearing down the house that currently occupies the land, he will build the two-story homes with high end finishes, exterior stone details, and glass showers and baths. The finished products will be energy efficient as well as beautiful, with high efficiency AC and LED lighting throughout. With so much experience in Florida new construction, this borrower will have no problem transforming the $175,000 property value into $900,000.