Situation:

Asset Based Lending recently funded a hard money new construction loan in North Port FL. The borrower is a first-time borrower and experienced full-time builder. This is a blanket loan that covers the construction of 10 separate builds on separate lots. The parcels of land were purchased for a total $200,000 with a construction budget of $2,107,189 and total loan funded at nearly 84% LTC. Seven of the proposed builds are 4-bedroom, 2-bathroom with a total square footage of 2380 ft.² and 1779 ft.² under air. Three of the proposed builds are 3-bedroom, 2-bathroom with total square footage of 2653 ft.² and 1983 ft.² under air. Construction is expected to take five months with final sale occurring 45 days after project completion.