Situation:

Asset Based Lending recently funded a hard money loan for cash out and new construction of a home in Sarasota, Florida. The borrower is new to ABL, but has built several houses previously ans has been a real estate investor for over 15 years. The land was purchased a year ago in cash for $560,000, with $800,000 needed to construct the two-story 6 bed 6.6 bathroom 5,100 square foot single family home. The home will feature high-end finishes, a 2-car garage, a large covered lanai, and an open floor plan throughout.