Situation:

Asset Based Lending recently funded a hard money cash out and new construction loan in Quakertown PA. The borrower is a first-time borrower and full-time builder. The property was purchased for $45,000 with a construction budget of $165,000 and total loan funded at nearly 85% LTC. The proposed build is a single-family ranch 3-bedroom, 2-bathroom measured at 1,500 square feet. Home will feature 8-foot-high ceilings, granite countertops, construction-grade windows and doors, and laminate floors. Construction is expected to take between five and six months, with final sale occurring one or two months after completion.