Asset Based Lending recently funded a new construction loan for a repeat borrower and experienced real estate developer in Tampa Florida. This borrower is refinancing two existing ABL loans into a blanket loan to build an 8-unit townhome. Prior to refinancing the borrower completed work to clear the land, obtain permits from the city, rezoned the land for 8 buildable lots, and install an underground drain system. For the townhome construction the borrower plans to build 3 duplex properties with 3 bedrooms and 3 bathrooms with a total square footage of 4,576, and 2 single family homes also with 3 bedrooms and 3 bathrooms with a total square footage of 6,448. The finishes for these properties include luxury engineered wood flooring throughout, quartz countertops in the kitchen, and stainless-steel appliances. Construction for these townhomes is expected to be completed within 12 months.
