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Hard Money Loan For Cash Out And New Construction In Queens NY

Address: Queens, NY
Borrower Profile: Repeat Borrower & Experienced Investor
Work Description: New Construction - Multifamily 2
Purchase Price: $250,000
Renovation Budget: $330,700 (Construction)
Loan Amount: $400,000
Cash Available for Purchase: $69,300 (Cash Out)
Cash Available for Renovation: $330,700 (Construction)
Loan Structure: 12 Months Interest Only
Loan Purpose: Cash Out And New Construction
ARV: $900,000
Situation:

Asset Based Lending recently funded a hard money loan for cash out and new construction in Jamaica Queens for an experienced repeat borrower. The project is a multi-family new construction on land purchased for $250,000 with construction costs of $300,000 funded at nearly 69% LTC. The property will feature a top floor unit and bottom floor unit, each 1020 square foot in size with three bedrooms and two baths. They will be highlighted by open concept kitchens with granite countertops and wooden floors throughout the units, along with a rear facing patio. The bottom unit will have access to a fully finished basement. ABL loves lending to experienced investors looking to build new construction in New York and improve neighborhoods with their beautiful homes.

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