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Scarsdale New York Hard Money New Construction Loan

Address: Scarsdale, NY
Borrower Profile: Repeat Borrower – Full-Time Real Estate Investor
Work Description: Tear Down & New Construction – Single Family Detached
Purchase Price: $950,000
Renovation Budget: $959,700 (Construction)
Loan Amount: $1,718,000
Cash Available for Purchase: $758,300
Cash Available for Renovation: $959,700 (Construction)
Loan Structure: 18 Months Interest Only
Loan Purpose: Land Purchase & Property New Construction
ARV: $3,000,000
Situation:

Asset Based Lending recently funded a new construction loan in Scarsdale New York. The borrower is a repeat borrower and full-time real estate investor. Due to the borrower’s experience level and ongoing relationship with ABL, they were granted an extended 18-month loan instead of the typical 12 months. The property was purchased for $950,000 with a construction budget of $959,700 and total loan funded at 90% LTC. The proposed build is a single-family 6-bedroom, 5.5-bathroom with a 1-bedroom, 1-bathroom in the finished basement measured at 5,207 square feet. This modern farmhouse will receive high-end finishes and feature 10-foot-high ceilings, white oak floors, solid core doors, and rear outdoor deck. The kitchen will be highlighted by quartz countertops, custom cabinets, waterfall island, and Sub-Zero appliances. Each bathroom will have a different motif but all will feature radiant heat with towel warmers and quartz countertops. Construction is expected to take 12 months with final sale occurring before project completion.

Hard money construction loans Scarsdale NY
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