Asset Based Lending recently funded a hard money new construction loan in Punta Gorda Florida. The borrower is a repeat borrower and experienced real estate investor. The property was purchased for $14,900 with a construction budget of $286,000 with total loan funded at 90% LTC. The proposed build is for a single-family 3-bedroom, 2-bathroom measured at 2,464 square feet. Property will be highlighted by higher-end finishes, block and stucco facade, shingle roof, impact windows & doors, tile floors throughout, and 9-foot-high ceilings. Kitchen will be highlighted by center island, shaker cabinets, granite countertops, and stainless steel appliances. Bathrooms will feature granite counters, floor-to-ceiling shower tiles, and backsplash. Master bathroom will also feature dual vanities. Property will include a covered lanai with pool and outdoor kitchen with grill. Construction is expected to take seven months with final sale occurring shortly after completion.
