­­­­Asset Based Lending recently funded a land purchase and new construction blanket loan for a new borrower and experienced real estate investor in Charleston South Carolina. This borrower is highly experienced and as previously constructed single-family homes in this area using these architectural plans. Due to the scarcity of land in Charleston, there is a high barrier to entry and very few new construction projects happen. The borrower purchased this land for $240,000 which had already been subdivided and cleared for building. They plan to construct 2 single-family homes with construction costs totaling $590,680, which ABL covered 100%. Both homes will be 2-story, have mid-level finishes, and hardwood floors. Construction is expected to last 5 months and the borrower will list the homes for final sale once complete.