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Punta Gorda Florida Hard Money New Construction Loan

Address: Punta Gorda, FL
Borrower Profile: Repeat Borrower — Experienced Real Estate Investor
Work Description: New Construction — Single-Family Detached
Purchase Price: $14,900
Renovation Budget: $303,000 (Construction)
Loan Amount: $286,000
Cash Available for Purchase: $0
Cash Available for Renovation: $286,000 (Construction)
Loan Structure: 18 months interest only
Loan Purpose: Property New Construction
ARV: $470,000
FL new construction loans
Hard money loans Florida
Situation:

Asset Based Lending recently funded a hard money new construction loan in Punta Gorda Florida. The borrower is a repeat borrower and experienced real estate investor. The property was purchased for $14,900 with a construction budget of $286,000 with total loan funded at 90% LTC. The proposed build is for a single-family 3-bedroom, 2-bathroom measured at 2,464 square feet. Property will be highlighted by higher-end finishes, block and stucco facade, shingle roof, impact windows & doors, tile floors throughout, and 9-foot-high ceilings. Kitchen will be highlighted by center island, shaker cabinets, granite countertops, and stainless steel appliances. Bathrooms will feature granite counters, floor-to-ceiling shower tiles, and backsplash. Master bathroom will also feature dual vanities. Property will include a covered lanai with pool and outdoor kitchen with grill. Construction is expected to take seven months with final sale occurring shortly after completion.

Hard money lender Florida
New construction loans Florida