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.