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St. Petersburg Florida Hard Money Property Purchase Loan

Address: St. Petersburg, FL
Borrower Profile: Repeat Borrower & Experienced Investor
Work Description: Purchase Only - Single Family
Purchase Price: $550,000
Renovation Budget: $0
Loan Amount: $458,000
Cash Available for Purchase: $458,000
Cash Available for Renovation:
Loan Structure: 12 Months Interest Only
Loan Purpose: Property Purchase Only
ARV: $611,000 (As-Is)

Situation:

Asset Based Lending recently funded a hard money property purchase loan in St. Petersburg Florida. The borrower is a repeat borrower and full-time real estate investor. The property was purchased for $550,000 with the total loan funded at 83% LTC and 75% LTV. This property is a recently renovated single-family 4-bedroom, 2-bathroom measured at a total 2,016 square feet on a 7,426 square foot lot. Home will receive fresh coat of paint, but otherwise no work required. Borrower is expecting to sell the property within four months of deal closing.