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Bohemia NY New Construction Hard Money Loan

Address: Bohemia, NY
Borrower Profile: First Time Borrower, Experienced Investor
Work Description: New Construction - Single Family
Purchase Price: $285,000
Renovation Budget: $293,550 (Construction)
Loan Amount: $491,000
Cash Available for Purchase: $197,450
Cash Available for Renovation: $293,550 (Construction)
Loan Structure: 12 Months Interest Only
Loan Purpose: Land Purchase And New Construction
ARV: $950,000
Situation:

Asset Based Lending recently funded a hard money new construction loan in Bohemia NY for a first-time borrower with previous real estate investing experience. The parcel of land was purchased for $285,000 with a construction budget of $293,550 with a total loan funded at nearly 85% LTC. The property is set to be a Colonial single-family 5-bedroom, 3-bath measured at approximately 3,300 square feet. Home will include a two-car garage and finished basement. Construction is set to take 6 months and the home is expected to sell almost immediately after the project is finished.

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