Asset Based Lending recently funded a cash out and new construction project in Philadelphia Pennsylvania for a repeat borrower and experienced real estate investor. The borrower owned the land free and clear for two years before contacting ABL for a cash out and new construction loan. In that time, they were able to prepare the land, so it was shovel-ready for this project. The scope of work for this project includes constructing a four story, 7-unit apartment building. Each unit will be completed with luxury vinyl plank flooring, granite countertops in the kitchens, stainless steel appliances, and in-unit washer and dryers. Construction is expected to last 11 months, at which time the borrower will refinance this property and hold it in their real estate investment portfolio. Each unit is expected to receive around $2,550 per month.
