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Tampa Florida New Construction Hard Money Loan

Address: Tampa, FL
Borrower Profile: First-Time — Experienced Real Estate Investor
Work Description: New Construction — Multi-Family 4
Purchase Price: $610,000
Renovation Budget: $1,700,000 (Construction)
Loan Amount: $2,079,000
Cash Available for Purchase: $379,000
Cash Available for Renovation: $1,700,000 (Construction)
Loan Structure: 12 months interest only
Loan Purpose: Land Purchase & Property New Construction
ARV: $3,200,000
Tampa new construction loan
Direct hard money lender Tampa Florida
Situation:

Asset Based Lending recently funded a hard money new construction loan in Tampa Florida. The borrower is a first-time borrower and experienced real estate investor. The parcel of land was purchased for $610,000 with a construction budget of $1,700,000 with total loan funded at 90% LTC. The proposed build is a 4-unit townhouse with each unit being 3-bedroom, 3.5-bathroom measured at 3,125 square feet per unit. The build will feature mid-grade finishes, stucco facade, EPDM roof, black vinyl windows, and hollow-core doors. Units will feature 10-foot-high ceilings, vinyl plank floors, and baseboard moldings. The kitchens will be highlighted by shaker cabinets, island, granite counters, and stainless steel appliances. Bathrooms will feature colorful floors, tile walls, and unique tile schemes in each bathroom. Construction is expected to take six months with final sale occurring shortly after completion.

New construction hard money loan