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Palm Coast Florida New Construction Blanket Loan

Address: Palm Coast, FL
Borrower Profile: Repeat Borrower — Experienced Real Estate Investor
Work Description: New Construction — Three Single-Family Builds
Purchase Price: $162,900
Renovation Budget: $761,685 (Construction)
Loan Amount: $830,000
Cash Available for Purchase: $94,115
Cash Available for Renovation: $735,885 (Construction)
Loan Structure: 12 months interest only
Loan Purpose: Cash Out & New Construction
ARV: $1,245,000
Palm Coast Florida new construction loan
Hard money new construction loan Florida
Situation:

Asset Based Lending recently funded a hard money new construction loan in Palm Coast Florida. The borrower is a repeat borrower and experienced real estate investor. This blanket loan covers the construction costs of three identical single-family builds that are 4-bedroom, 2.5-bathroom measured at approximately 2,500 square feet. The parcels of land were purchased for $162,900 with a construction budget of $761,685 and total loan funded at 90%. Homes will be highlighted by mid-to-high level finishes, hardy shake and stone veneer facade, shingle roof, tray ceilings in master bedroom and living room, vinyl plank flooring, and solid core interior doors. Kitchens will feature wood cabinets, quartz countertops, and stainless steel appliances. Master bathrooms will feature dual vanity, enclosed shower, and porcelain tubs. Construction is expected to take between six and eight months with final sale occurring shortly after project completion.

New construction loan Palm Coast FL
Hard money lender Palm Coast FL