Situation:

Asset Based Lending recently funded a hard money new construction loan in Columbia Maryland for a repeat borrower with extensive real estate investing experience. The parcel of land was purchased for $175,000 with a construction budget of $315,000 and total loan funded at 85% LTC. The borrower has a large real estate rental portfolio and wanted to invest in the hot new construction market, with plans to secure upwards of 10 more deals in 2021. This will be the 6^th identical build that the borrower has used for new construction, which is a 3500 square foot 5-bedroom, 5-bath with a fully finished basement. This two-story Colonial home will have an open concept with 9-foot high ceilings with hardwood floors on the 1^st level and carpeted floors on the 2^nd level. Kitchen will be slightly above mid-grade with granite counters and island table. The bathrooms will have differing styles and the full construction time is expected to take four months.