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.