Situation:

Asset Based Lending recently funded a hard money cash out & new construction loan in Cape Coral Florida. The borrower is a repeat borrower and full-time builder & real estate investor. The property was purchased for $199,000 with a construction budget of $451,069 and total loan funded at 75% LTC. The proposed build is a single-family 3-bedroom, 2-bathroom with total square footage of 3567 ft.² with 2162 ft.² under air. This is a gulf access lot. The home will be highlighted by 10-foot-high ceilings, tile floors throughout, solid core doors, and mix of crown and squared moldings. Kitchen will feature granite counters, wooden shaker style cabinets, wine bar, and high-end appliances. Construction is expected to take six months and will be sold before completion. Baths will feature granite counters and high-quality wall tiles with rain head showers.