Situation:

Asset Based Lending recently funded a hard money new construction loan in Gulfport Florida. This repeat borrower is an experienced builder and real estate investor that has completed several successful deals with ABL. This blanket loan covers the construction of two separate homes with identical builds on a subdivided lot. The parcel of land was purchased for $250,000 with a construction budget of $510,000 and total loan funded at 85% LTC. The proposed builds will be three-story single-family detached 4-bedroom, 3.5-bathroom with a total of 3300 ft.² and 2100 ft.² under air. The homes will be open concept and feature 10-foot-high ceilings, a kitchen with white shaker cabinets and granite countertops, tile flooring throughout, a walkout basement, and more. The borrower is planning to have the houses built sold and paid off in 7 months.