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Centereach New York Hard Money New Construction Loan

Address: Centereach, New York
Borrower Profile: Repeat Borrower — Experienced Real Estate Developer
Work Description: New Construction — Single Family Detached
Purchase Price: $220,000
Renovation Budget: $300,000 (Construction)
Loan Amount: $442,000
Cash Available for Purchase: $471,900
Cash Available for Renovation: $300,000 (Construction)
Loan Structure: 12 months interest only
Loan Purpose: Land Purchase & Property New Construction
ARV: $860,000
Centereach New Construction
New York Hard Money Loan

­Asset Based Lending recently funded a new construction project for a repeat borrower and experienced real estate developer in Centereach New York. This borrower has completed multiple ground up construction projects using the same architectural plans as this property. The scope of work for this project includes an open concept kitchen and living space on the first floor, and a mudroom where you enter the 2-car garage. The second floor features the primary suite as well as two more bedrooms. Plans for the kitchen include shaker cabinets, granite countertops, stainless steel appliances, and an island that seats 3. This borrower already has a buyer lined up, and once construction is complete, they will finalize the sale.

Centereach Hard Money Lender
New York New Construction