Situation:

Asset Based Lending recently funded a new construction loan in Fort Myers Florida. The borrower is a repeat borrower and full-time real estate investor. The land parcel was purchased for $9,500 with a construction budget of $247,000 and total loan funded at 90% LTC. The proposed build is a single-family 3-bedroom, 2-bathroom measured at 1,590 square feet. Property will feature block and stucco façade, asphalt roof, impact windows, tile floors, solid core doors, and 10-foot-high ceilings. Kitchen will be highlighted by high-end finishes and appliances, while the bathrooms will feature enclosed rain shower and identical finishes. Project is expected to take six months with final sale occurring shortly after completion.