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East Islip NY Cash Out & New Construction Hard Money Loan

Address: East Islip, NY
Borrower Profile: First Time Borrower, Experienced Investor
Work Description: New Construction – Single-Family
Purchase Price: $250,000
Renovation Budget: $300,000
Loan Amount: $450,000
Cash Available for Purchase: $150,000
Cash Available for Renovation: $300,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Cash Out And New Construction
ARV: $920,000
Situation:

Asset Based Lending recently funded a cash out and new construction hard money loan in East Islip, New York. The borrower is an experienced real estate investor and developer that has built this same home model before. The property was purchased for $250,000 with a construction budget of $300,000 and total loan funded at nearly 82% LTC. This proposed build is a single family 4-bedroom, 2.5-bathroom measured at a total square footage of 4,500. The home will be built with mid-grade finishes and take approximately six months to complete, with final sale occurring ASAP after completion.

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