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Hard Money Loan For New Construction In Long Island NY

Address: Merrick, NY
Borrower Profile: Experienced Investor & Repeat Borrower
Work Description: New Construction - Single Family
Purchase Price: $418,000
Renovation Budget: $340,000
Loan Amount: $601,000
Cash Available for Purchase: $261,000
Cash Available for Renovation: $340,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Land Purchase And New Construction
ARV: $925,000
Situation:

Asset Based Lending recently funded a hard money new construction loan for a repeat borrower and experienced investor in Merrick, New York. The investor is on his 4th deal with ABL, this one a tear-down to the foundation across the street from one of his other projects in Nassau County. The finished home will be a 4 bed / 3 bath 3,085 square foot single family colonial with high-end finishes throughout.

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