Situation:

Asset Based Lending recently funded a new construction loan in Cape Coral Florida. The borrower is a first-time borrower and highly experienced real estate investor. The property was purchased for $285,000 with a construction budget of $579,793.73 and total loan funded at 85% LTC. This is a blanket loan that covers the construction of three identical single-family homes. These proposed builds will be 4-bedroom, 3-bathroom measured at 4,407 square feet. These homes will feature block and stucco façade, tile roof, impact windows & doors, and porcelain tile floors. Kitchens will be highlighted by custom cabinets, quartz countertops & backsplash, and stainless steel appliances. Bathrooms will feature quartz vanities, frameless enclosures, and tile wall accents. Each property will have outdoor pool and receive high-end finishes. Construction is expected to take between six and eight months with final sale occurring shortly after completion.