Situation:

Asset Based Lending recently funded a hard money new construction loan in Palm Coast Florida. The borrower is a repeat borrower and experienced investor & developer. This blanket loan covers the construction of four separate homes: two single-family and two duplexes. The lots were purchased for $94,000 with a construction budget of $770,200 and total loan funded at 90% LTC. The single-family homes will be 3-bedroom, 2-bathroom measured at approximately 1,400 square feet while the duplexes will be 3-bedroom, 2-bathroom measured at a total 2,752 square feet. Both builds will use similar materials and features, such as shingle roofs, double pane windows, mix of vinyl plank and tile flooring, etc. Kitchens will feature shaker cabinets, quartz or granite countertops, and stainless-steel appliances. Construction is expected to take six months with final sale occurring shortly after project completion.