Situation:

Asset Based Lending recently funded a cash out & new construction hard money loan in Cape Coral, FL. The borrower is a repeat borrower and experienced real estate investor & builder. The property was purchased for $250,000 with the total loan funded at 75% LTC. The proposed build is a 3-bedroom, 2-bathroom luxury single-family with an office. The total square footage will be 3567 ft.² with 2162 ft.² under air. This is a gulf access lot. Home will feature kitchen with high-level appliances, shaker-style cabinets, wine bar, and more. Bathroom will feature granite countertops, tiled showers, and high-end wall tile. Build is expected to take approximately five to six months, with final sale occurring a few weeks after completion.