Asset Based Lending recently funded a condo conversion construction hard money loan in St. Petersburg Florida. The borrower is a repeat borrower and a highly experienced full-time real estate investor. The property was purchased for $1,862,500 with a renovation budget of $2,250,000 and total loan funded at 85% LTC. The property is a former church being re-developed into multi-family residential property with thirty separate units. The units come in three separate styles: unit A is 1-bedroom, 1.5-bathroom measured at 787 square feet, unit B is 1-bedroom, 1.5-bathroom measured at 656 square feet, and unit C is 2-bedroom, 2-bathroom measured at 1,374 square feet. Renovation will focus on converting existing property into these available units which will be on the low-end of luxury status. The borrower will either sell the units or hold them as income-producing assets with our rental refinance program. Based on the borrower’s exceptional history with ABL and scope of project, they were granted an 18-month loan term instead of the typical 12-month loan.
