Asset Based Lending recently funded a loan for a single-family new construction project in Lago Vista, Texas. This borrower is an experienced builder in Texas with three similar deals in the past three years. The borrower found the project through active searches with multiple realtors to find a good deal. The property was purchased for $35,000 with a renovation budget of $297,174. The scope of work for this single-story new construction includes mid-grade finishes, 30-year architectural onyx black shingles, hardwood flooring, vinyl windows, stainless steel kitchen appliances, and single vanity bathrooms throughout besides the master-bedroom. The borrower expects this project to take up to 12 months and intends to list it for final sale.
