Situation:

These new borrowers but experienced investors came to ABL through a broker after purchasing the lot in 2018 for $570,000. The purpose of the loan is to refinance the existing first mortgage as well as provide construction funds needed to build. The subject build will be a 2-story 4/4/3 with a total square footage of 5658 ft.² and 4386 ft.² under air and direct intracoastal access. The finished home will feature a massive open floor plan with marble floors, master suites on the first and second floors, laundry rooms on both levels, custom cabinetry and high end appliances in the kitchen, as well as a pool, outdoor amenities, and high end finished throughout. ABL was able to finance this hard money refinance and construction loan at 80% LTC, after the borrower’s initial lender fell through.