Situation:

Asset Based Lending recently funded a cash out & new construction hard money loan in Naples Florida. The borrower is a first-time borrower and experienced real estate investor. The property was purchased for $75,000 with a construction budget of $328,150 and total loan funded at nearly 90% LTC. The proposed build is a single family 4-bedroom, 2.5-bathroom with a den, foyer and covered patio measured at 2,622 ft.².  Home will be highlighted by 10-foot-high ceilings, impact windows, and tile roof. Kitchen will feature solid wood cabinets, quartz or granite countertops, and stainless-steel appliances. Bath will feature wall tile porcelain, glass enclosure, and quartz or granite vanities. Construction is expected to take approximately six months with final sale occurring shortly after completion.