Situation:

Asset Based Lending recently funded a hard money new construction loan in Orlando Florida. The borrower is a first-time borrower and full-time builder & real estate investor. The property was purchased for $430,000 with a construction budget of $649,759 and total loan funded at 63% LTC. The existing property will be demolished and replaced with the proposed single-family build with 5-bedroom, 4.5-bathrooms measured at a total 4,578 square feet. Façade will be a modern farmhouse with stucco and board, metal or shingle roof, and black frame Geldwin windows. Home will be highlighted by 10-foot-high ceilings, white oak floors, and solid doors. Kitchen will feature modern cabinets with quartz countertops and backsplash. Bathrooms will feature large format tiles, high-end vanity, and seamless shower doors. Construction is expected to take the full 12 months but will likely sell before project completion.