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East Hampton New York Hard Money New Construction Loan

Address: East Hampton, NY
Borrower Profile: Repeat Borrower & Experienced Builder
Work Description: New Construction – Single-Family
Purchase Price: $600,000
Renovation Budget: $1,097,000 (Construction)
Loan Amount: $549,000
Cash Available for Purchase: $0
Cash Available for Renovation: $549,000
Loan Structure: 12 Months Interest Only
Loan Purpose: New Construction
ARV: $3,200,000
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.

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