Situation:

Asset Based Lending recently funded a new construction loan in Gulfport Florida. The borrower is a repeat borrower and experienced real estate investor. The property was purchased for $215,000 with a construction budget of $894.000 and total loan funded at 85% LTC. The proposed build is a single-family home with 5-bedrooms, 4-bathrooms measured at a total of 6113 square feet. This build will feature an elevator, a separate sitting area in the master, a formal office, and outdoor space on every floor. The kitchen will feature granite counters, Sub-Zero or Viking appliances, waterfall island, and custom cabinetry. The bathrooms will be highlighted by granite counters, glass enclosures, and different color pallets. Construction is expected to take nine months with final sale likely occurring before the project is completed.