Asset Based Lending recently funded a new construction project for a repeat borrower and experienced real estate developer in Charleston South Carolina. This borrower completed 1 new construction project with ABL in 2023, and 10 prior to that in the last three years. The parameters of this deal made it possible for ABL to extend 89.86% Loan to Cost. This borrower plans to construct a single-family home with a 2-car garage. The scope of work for the first floor includes an open plan kitchen and living space and a half bath. The kitchen will feature quartz countertops and stainless-steel appliances. For the second floor, the primary bedroom will have an ensuite bathroom and walk-in closet, and the remaining bedrooms will share a bathroom with a standing shower. The exterior of the home will have standard windows and Hardie plank siding. This project is expected to be completed in about 6 months and the borrower will list the property for final sale.
