Asset Based Lending recently funded a hard money new construction loan in Franklinton North Carolina. The borrower has extensive experience as a General Contractor and assisted in developing properties in North and South Carolina, Georgia, Tennessee and Washington. They are a first time borrower with ABL and, based on their experience, were able to take out a new construction loan for five properties in Franklinton totaling more than $1,000,000. The first property of this five property blanket loan will be a single story home with stone and brick exterior accents and a two car garage. The plans detail 3 bedrooms and 2 bathrooms boasting 2,000 square feet and an open-concept kitchen and living space. The main suite is tucked in the back of the home for optimal privacy and includes an ensuite bathroom with dual vanities and granite countertops. All five properties are expected to be completed in four months and the borrower is still deciding between selling the property or holding it in their rental portfolio with ABL’s rental refinance program.
