Asset Based Lending recently funded a hard money new construction loan in Powder Springs Georgia. The borrower is a first-time borrower and experienced real estate investor. The property was purchased for $37,500 with a construction budget of $265,000 and total loan funded at 88% LTC. The proposed build is for a single-family 3-bedroom, 2-bathroom measured at a total 3,445 square feet. The property will be highlighted by mid-level finishes and feature cedar shingles and stone veneer façade, vinyl siding, hardwood floors throughout, and 10-foot-high ceilings. Kitchen will feature an island with dishwasher and sink, quartz countertops, and stainless steel appliances. Bathrooms will feature dual vanities with the master bath holding an enclosed shower with separate tub. Construction is already halfway completed, so remaining project is expected to take three months with final sale occurring shortly after completion.
