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Long Island NY Hard Money Loan For New Construction

Address: Roslyn Heights, NY
Borrower Profile: Experienced Investor & Builder
Work Description: New Construction - Single Family
Purchase Price: $612,500
Renovation Budget: $725,000
Loan Amount: $1,100,000
Cash Available for Purchase: $375,000 (Cash Out)
Cash Available for Renovation: $725,000 (Construction)
Loan Structure: 16 Months Interest Only
Loan Purpose: Cash Out And New Construction
ARV: $1,950,000
Situation:

Asset Based Lending recently funded a hard money cash out and new construction loan for an extremely experienced builder and real estate investor in Nassau County, New York. The plan for the project is to demolish the existing house, sub-divide the lot (which is already approved), and build two new single family homes. Ultimately, each subject property will be approximately 4,000 square feet of livable space with 4 or 5 bedrooms and 4 or 5 bathrooms. The houses will have finished basements and high end finishes throughout.

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