Situation:

This experienced builder and investor is starting the second phase of a major new construction project in Philadelphia. For this borrower’s fifth deal with ABL, he is building eight brand new 2-family homes with a total ARV of nearly $6 million. In the first phase, he completed four of the buildings; he will use this $1.25 million dollar loan to finish the project with four more modern, high-end duplexes. After fifteen projects completed in Philadelphia over two years, this investor certainly knows what buyers are looking for; it’s no wonder three of the duplexes have already sold.