Situation:

Asset Based Lending recently funded a hard money cash out and new construction loan in Cape Coral FL for a repeat borrower with extensive real estate investing experience. The parcel of land was purchased for $38,700, including $12,500 to install a new seawall, and will build with a construction budget of $149,000 with total loan funded at 85% LTC. The proposed build will be a 4-bedroom, 2-bathroom with a pool, measured at a total square footage of 2551 ft.² with 1829 ft.² under air. The plans follow an identical build that the borrower has completed in the nearby area and will be an upper mid-range home for the market. Construction is expected to take approximately four months and final sale is expected one month after completion.