Situation:

Asset Based Lending recently funded a hard money new construction loan in Ocala Florida for a first-time borrower with previous real estate investing experience. The parcel of land was purchased for $13,600 with a construction budget of $161,000 and total loan funded at 74% LTC. The proposed build will be a single-family detached 4-bedroom, 2-bath with a 2-car garage. The property will be measured at a total square footage of 2275 ft.² with 1679 ft.² under air. Home will follow an open floor plan and be constructed as a standard mid-range bungalow. Property highlights will include 9-foot-high ceilings, waterproof and scratchproof walls, granite countertops, and white shaker cabinets. Construction time is expected to take 3 months.