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East Hampton NY New Construction Loan

Address: East Hampton, NY
Borrower Profile: First Time Borrower, Experienced Investor
Work Description: New Construction - Single Family
Purchase Price: $450,000
Renovation Budget: $980,000 (Construction)
Loan Amount: $1,113,000
Cash Available for Purchase: $100,000
Cash Available for Renovation: $980,000 (Construction)
Loan Structure: 12 Months Interest Only
Loan Purpose: New Construction
ARV: $2,150,000
Situation:

Asset Based Lending recently funded a hard money new construction loan in East Hampton NY for a first-time borrower with previous real estate investing experience. The parcel of land was purchased for $450,000 with a construction budget of $980,000 and total loan funded at 79% LTC. The borrower is a team of experienced investors- one leading the residential construction side and the other leading the investment side. The home is set to be a luxury single-family detached measured at approximately 3,750 square feet with 5-bedroom, 5.5-bath. Home will have a sleek, modern design and will be highlighted by an open floor plan with white oak floors, large windows, and 10-foot high ceilings. Kitchen will include a 4-person island, high-end appliances, and custom Italian cabinets. Baths will have different style tiles and will all use high-end finishes. Home will include an outdoor pool. Construction is set to take between 8 and 10 months.

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