Asset Based Lending recently funded a land purchase new construction blanket loan for a repeat borrower and experienced real estate developer in Philadelphia Pennsylvania. This real estate investor has completed more than 10 deals with ABL in the last 3 years and is a great borrower to work with. For this deal, the borrower is constructing 3 single family homes, each with 3 floors, a basement with a parking spot, and a roof deck. Each SFH will have 4 bedrooms and 3 bathrooms completed with mid-grade finishes. The ground up construction for this blanket loan is expected to take up to 12 months at which time the borrower will refinance and hold these properties in their portfolio as rentals. Each home’s ARV is expected to land around $685,000, making the total blanket ARV $1,370,000. This borrower expects to collect around $3,800 a month in rent for each property.
