Situation:

Asset Based Lending recently funded a hard money cash out and new construction loan in St. Petersburg, Florida. The borrower is a repeat borrower and experienced real estate investor. The property was purchased for $95,000 with a construction budget of $310,000 and total loan funded at 85% LTC, with a cash out based on the land’s value. The proposed build will be a two-story 4-bedroom, 2.5-bathroom single-family with a total square footage of 3012 ft.² and 2215 ft.² under air. Construction will include the tearing down of existing property. Home will be highlighted by 10-foot-high ceilings, tempered glass windows, and tile floors throughout. Kitchen will feature modern style with granite countertops, white shaker cabinets, and stainless-steel appliances.