Situation:

Asset Based Lending recently funded a cash out and new construction hard money loan in Lehigh Acres FL. The borrower is a repeat borrower and highly experienced investor. The property was purchased for $32,000 with a construction budget of $480,000 and total loan funded at nearly 90% LTC. The proposed build is for two separate and identical duplexes that will each feature the same two units of 3-bedroom, 2-bathroom measured at 1,683 square feet. Units will be highlighted by 10-foot-high vaulted ceilings, vinyl flooring, granite countertops in the kitchen, impact windows, and more. Construction is expected to take approximately four months and both properties have been pre-sold.