Situation:

Asset Based Lending recently funded a hard money new construction loan in Cape Coral FL for a repeat borrower with extensive real estate investing experience. The parcel of land was purchased for $54,900 with a construction budget of $343,448 and a total loan funded at nearly 85% LTC. The subject property is set to be a 3-bedroom, 3-bathroom single-family measured at a total of 3567 ft.² with 2162 ft.² under air. The borrower has used this identical build for two other properties that ABL funded. Kitchen will be highlighted by 12-foot-high tray ceilings with high-end finishes, granite countertops, and custom cabinets. Each bathroom will feature its own unique tiling. Master bedroom will include two separate walk-in closets. Home will include a finished den. Property will also include an outdoor pool and be situated close to the nearby canal.