Situation:

Asset Based Lending recently funded a hard money new construction loan in Newport Rhode Island. The borrower is an experienced builder and real estate investor that is working with Asset Based Lending for the first time after working with other New England hard money lenders. The parcel of land was purchased for $1,147,000 with a construction budget of $1,200,000 and total loan funded at nearly 83% LTC. The plans for this home are a single-family detached 4-bedroom, 4.5-bath measured at 3800 square feet. The borrower has built similar high-end luxury homes in the area, specializing in beautiful custom finishes. The land is in an attractive location, within walking distance to the town and to the beach. Some of the build highlights include a home gym, two master bedrooms, uniquely designed bathrooms, uncovered balcony, and much more. Construction time is expected to take approximately 9 months and is likely to be pre-sold, as the borrower’s recent builds have pre-sold as well.