Asset Based Lending recently funded a hard money new construction loan in Palm Coast Florida. The borrower is a repeat borrower and experienced real estate investor. This blanket loan covers the construction costs of three identical single-family builds that are 4-bedroom, 2.5-bathroom measured at approximately 2,500 square feet. The parcels of land were purchased for $162,900 with a construction budget of $761,685 and total loan funded at 90%. Homes will be highlighted by mid-to-high level finishes, hardy shake and stone veneer facade, shingle roof, tray ceilings in master bedroom and living room, vinyl plank flooring, and solid core interior doors. Kitchens will feature wood cabinets, quartz countertops, and stainless steel appliances. Master bathrooms will feature dual vanity, enclosed shower, and porcelain tubs. Construction is expected to take between six and eight months with final sale occurring shortly after project completion.
