Situation:

Asset Based Lending recently funded a hard money new construction loan in Cape Coral Florida for a repeat borrower with extensive real estate investing experience. The parcel of land was purchased for $175,000 with a construction budget of $393,460 and total loan funded at 85% LTC. The borrower has been involved in new construction for over 10 years and builds upwards of 20 residential properties per year. They have used identical building plans for several other successful construction projects throughout the Cape Coral area. Finished property will be 3-bedroom, 3-bath measured at 2162 square feet under air with a total 3567 square feet. Property exists next to seawall with direct canal access and will include a private pool. Home will be highlighted by a large master suite with walk-in closet, 10-foot high tray ceilings, kitchen with custom cabinets and granite countertops, and mid-grade Whirlpool appliances.