Situation:

Asset Based Lending recently funded a new construction loan in St. Petersburg Florida. The borrower is a repeat borrower and full-time real estate investor. The property was purchased for $300,000 with a construction budget of $298,000 and total loan funded at 85% LTC. The proposed build is a single-family 3-bedroom, 2.5-bathroom measured at 2,344 square feet. Existing property will be torn down to make space for this new construction project. Property will be highlighted by block and stucco facade, shingle roof, 9-foot-high ceilings, and tile floors throughout.  The kitchen will feature granite counters and island with mid-level appliances, while the bathrooms will feature dual vanities and enclosed showers in the master bathroom. Property will also include a study, foyer, and porch. Construction is expected to take 12 months with final sale occurring shortly before completion.