Situation:

Asset Based Lending recently funded a new construction loan in Loudon New Hampshire. The borrower is a first-time borrower and highly experienced real estate investor. The property was purchased for $30,000 with a construction budget of $512,350 and total loan funded at 84% LTC. This proposed build is a single-family 5-bedroom, 4-bathroom measured at approximately 3,500 square feet. The exterior will feature vinyl siding and extra-large windows to enhance the property’s view. Interior will be highlighted by hardwood and tile floors, crown molding, high-end cabinets, in-law apartment in the basement, and custom shower in the master bathroom. Construction is expected to be complete within four months and final sale will occur shortly before project completion.