Asset Based Lending is proud to celebrate our borrower’s successful real estate investments and our loan officers who facilitate that success. ABL will be highlighting our loan officers favorite deal each month, going through the details that made it a win and how our experts navigated the process.
The Deal: Land Purchase & New Construction In Jupiter, Florida
The deal we’re highlighting today comes from our loan officer Paul Lewis, who closed a hard money loan for new construction in Jupiter, Florida. The plot of land was purchased for $570,000 with a construction budget of $752,640. The loan was funded at 80% LTC. The subject build will be a 2-story 4 bedroom, 3 bath with a total square footage of 5658 ft.² and 4386 ft.² under air with direct intracoastal access. The finished home will feature a massive open floor plan with marble floors, master suites on the first and second floors, laundry rooms on both levels, custom cabinetry and high end appliances in the kitchen, as well as a pool, outdoor amenities, and high end finishes throughout.
The borrower is a first-time borrower with ABL that has worked professionally in real estate for 25 years, completing 8 high-end new construction projects in the last 3 years. While it may have been their first deal with Asset Based Lending, Paul was able to utilize the borrower’s exceptional track record of high quality construction projects to structure a competitive loan that would meet the needs of this professional builder, and build a relationship that we believe will see many more successful projects in the future.
Jupiter, FL is a an upper-middle class city in Palm Beach County that is seeing increased interest from real estate investors over the last year. Due to so many people changing their living situation in 2020, Jupiter FL and the entirety of Palm Beach County has seen a large influx of new homeowners from different states, solidifying the county as the third biggest home owning population in Florida. Low housing inventory and rising demand is pushing up home prices more than ever. The average sale price for homes in the area is $430,000, which is a 10% increase from the previous year. Impressively, nearly 10% of homes are selling above their list price, highlighting the growing demand for housing in the area and its effect on home sale economics. With 73% of the area’s population owning homes instead of renting, it’s an ideal spot for new construction projects.
I see the lots before construction starts, and drive by as people are bringing their groceries into their new home! Very satisfying to know we are really helping provide homes for families right here in my local community!
Paul has been working at ABL for over 3 years and started his career in real estate lending in 2006. He’s an expert in Florida’s real estate market, traveling from top to bottom to meet with borrowers and insure they receive the highest quality service. He enjoys seeing the finished products of his borrowers and the overall effect it has on the neighborhood. “I see the lots before construction starts, and drive by as people are bringing their groceries into their new home! Very satisfying to know we are really helping provide homes for families right here in my local community!”
His role as loan officer is to provide the best and most realistic advice to our borrowers, closing deals that will help them achieve their financial goals. For example, our borrower has been wanting to invest in the Florida real estate market due to the state’s growth potential but was waiting to find the right deal in the right area. Paul’s expertise helps investors identify hot markets, build relationships with service providers, as well as analyze the potential profitability and risks involved with a particular transaction.
Paul excels as a loan officer due to his knowledge of the Florida real estate markets and commitment to closing deals quickly. In his own words- “I’m really just here to close loans and chew bubble gum…and I’m all out of bubble gum!”
Pre-qualify today for funding for your next fix and flip or construction project in Florida!