Situation:

Asset Based Lending recently funded a new construction hard money loan in Cape Coral FL. The borrower is a repeat borrower and highly experienced real estate investor. The property was purchased for $11,700 with a construction budget of $266,968 and total loan funded at 90% LTC. The proposed build is a 3-bedroom, 2-bathroom single-family detached measured at 1,653 square feet. The home will feature tile floors throughout, 9-foot-high ceilings, and an asphalt shingle roof. Kitchen will be highlighted by raised panel cabinets, dovetail design, granite countertops, stainless steel appliances, and high-end finishes. Baths will feature custom tile from floor to ceiling. Home will also include an in-ground outdoor pool with a screen enclosure.