Asset Based Lending recently funded a cash out and new construction loan for an experienced builder in in Cedar Hill Texas. This borrower is a high-grade builder focusing on single-family homes in the Dallas area. Having successfully completed projects like this one in recent years, ABL extended a loan amount of $752,000 which equates to 90% LTC. Of the $752,000 loan, $714,000 will be used for construction of this single-family home. The scope of work for this project includes the construction of a 2-story home as well as a guest house. The main house features a 3-car garage, 5 bedrooms and 4 and a half bathrooms. The first floor has an open plan kitchen and living room. The kitchen will have custom white oak cabinets, quartz countertops, and an island with a double sink. The main bathroom will be finished with a large soaking tub, a tiled shower stall, double vanity, and private toilet room. The remaining bedrooms and bathrooms will be on the second floor, and each will feature a large closet. Once construction is complete in 10 months the borrower will list this project for final sale.
