Situation:

Asset Based Lending recently funded a new construction hard money loan in Palm Bay, FL. The borrower is a repeat borrower and experienced real estate investor. The parcel was purchased for $19,000 with a construction budget of $214,812 and total loan funded at 90% LTC. The proposed build will be a single family 3-bedroom, 3-bathroom measured at a total of 2660 ft.² and 2121 ft.² under air. Home will feature a concrete exterior and shingle roof highlighted by granite counters, stainless steel appliances, custom cabinets, and tile flooring.