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Cash Out And Construction Funded By NY Hard Money Lender

Address: Middle Island, NY
Borrower Profile: Experienced Investors & Repeat Borrower
Work Description: New Construction - Single Family
Purchase Price: $45,000
Renovation Budget: $205,000
Loan Amount: $208,000
Cash Available for Purchase: $3,000
Cash Available for Renovation: $205,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Cash Out And New Construction
ARV: $475,000

After funding two adjacent lots in Suffolk County NY for this borrower, Asset Based Lending financed a hard money loan for cash out and new construction on the third lot in Middle Island NY. The build has already begun, and will be the same model as the prior two: a 4 bed / 2.5 bath 2,200 square foot colonial with a 2 car garage and unfinished basement. The home will have an open floorplan that features a large kitchen and family room with up to 9-foot ceilings and above average finishes.

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