Asset Based Lending recently funded a loan for a single-family new construction project in Alvin, Texas with a first-time borrower and real estate investor. The lot was purchased for $135,000 with a loan amount of $497,00 and a construction budget of $224,030. The new construction includes builder grade level finishes, Harty siding façade, shingle roof, double pane windows and 10-foot ceiling, bedroom, and kitchen. The borrower anticipates six months to complete the project and plans to sell in three months.
