Situation:

Asset Based Lending recently funded a hard money loan for the new construction of 3 single family homes in Palm Coast FL for a first-time borrower but experienced investor. This is our borrower’s first time working with a hard money lender, and we were proud to fund their next project to help scale their business. The borrower purchased each piece of land in cash for $20,000 per parcel and intends to build 3 single family homes for about $110,000-$120,000 each that will sell for approximately $220,000 per house. Construction is already underway, with much of the beginning work already completed. The properties each have identical floor plans. Each residence is designed to be a mid-level single-family home measured at 1406 square feet with 3 bedrooms and 2 bathrooms. Our borrower has successfully built this identical plan several times and sold each one in a timely manner. ABL is always excited to work with new borrowers, and this deal marked our first deal for Palm Coast, Florida!