Situation:

Asset Based Lending recently funded a hard money new construction loan in East Hampton New York. The borrower is a repeat borrower and highly experienced builder & investor. The property was purchased for $600,000 with a remaining construction budget of $549,000. Construction already began on the project in late 2020 using the borrower’s capital, and they are now utilizing ABL’s hard money loan to finish construction. The home will be a high-end single-family 5-bedroom, 5-bathroom measured at 3,850 square feet. Home will feature flat roofs with white stucco, roof deck with hatch, outdoor barbecue grill, large outdoor patio, spiral staircase, and more. Construction is expected to take four months with final sale occurring before project completion.