Situation:

Asset Based Lending recently funded a 2-lot new construction loan in North Port Florida. The borrower is a first-time borrower and full-time real estate investor. The lots were purchased for $20,200 with a total construction budget of $589,600 and total loan funded at 90% LTC. The proposed builds are 2 single-family homes with 3-bedrooms, 2.5-bathrooms measured at approximately 2,900 square feet. The home will feature tile floors, 10-foot-high ceilings, impact windows, and a metal roof. Premium finishes will be used throughout the homes, including the kitchen featuring quartz countertops and bathroom feature granite countertops. Construction is expected to take six months with final sale occurring shortly after completion.