Asset Based Lending recently funded a cash out and new construction project in Southport North Carolina for a first-time borrower and experienced real estate investor. This borrower purchased land in cash and was able to take cash out on the property, on which they intend to build 14 single-family homes. This new construction loan covers 5 out of the 14 homes, while 2 other blanket loans cover the rest. For this blanket loan the total loan is $1,836,000 and amounts to 90% LTC. Though this is a new borrower to ABL they have a strong track record having completed more than 10 similar projects in the past 3 years. The 5 homes under this loan will use 2 different architectural plans and they both include 4 bedrooms and 3.5 bathrooms. Finishes in these homes include luxury vinyl plank flooring, quartz countertops, and GE appliances. Construction on these single-family homes is expected to take 4 months and the borrower plans to have them sold before completion.
