Situation:

Asset Based Lending recently funded a new construction loan in Cape Coral Florida. The borrower is a repeat borrower and full-time real estate investor. The lot was purchased for $200,000 with a construction budget of $448,098 and total loan funded at 90% LTC. The proposed build is a single-family 3-bedroom, 3-bathroom measured at 3,141 square feet. The property will feature high-end finishes with an exterior highlighted by block and stucco façade, shingle roof, impact windows, three-car garage, enclosed salt water pool, and an outdoor kitchen with grill. The interior will feature tile floors throughout, solid core doors, and crown moldings. Kitchen will be highlighted by high-end appliances, granite counters and island, solid wood cabinets, and separate breakfast nook. Bathrooms will be nearly identical with tile floors and high-end finishes, while the master bathroom features a walk-in shower. Construction is expected to take approximately 12 months with final sale occurring within one month of completion.