Broker contacted ABL on behalf of his client. We met with the borrower in the field to look at his work product which we judged to be very high quality. The borrower, who was also the project manager and general contractor, had considerable experience in projects of this sort but not in the subject town. Anticipated problems principally concerned the town and whether it would issue the necessary approvals in a timely fashion. The borrower also had sufficient financial reserves to allow for potential delays.
The project was completed with very high quality finishings and quickly sold. Timelines were longer than hoped given the time that the town took to approve and inspect the project. In spite of a slightly less than expected sale price, the project was highly profitable for the borrower.
