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Southampton New York New Construction Hard Money Loan

Address: Southampton, NY
Borrower Profile: Repeat Borrower – Real Estate Developer
Work Description: Demolish & New Build – High-End Luxury Construction
Purchase Price: $605,000
Renovation Budget: $1,000,000 (Construction)
Loan Amount: $1,360,000
Cash Available for Purchase: $360,000
Cash Available for Renovation: $1,000,000 (Construction)
Loan Structure: 12 Months Interest Only
Loan Purpose: Land Purchase And New Construction
ARV: $2,875,000
Situation:

Asset Based Lending recently funded a hard money new construction loan in Southampton New York. The borrower is an experienced investor and real estate developer that has completed other successful deals with ABL. The property was purchased for $605,000 with a construction budget of $1,000,000 and total loan funded at nearly 85% LTC. Proposed build is a luxury single-family 5-bedroom, 4.5-bathroom measured at 3,493 square feet. The property will be smart-home ready and feature 10-foot-high ceilings with a vaulted ceiling in the foyer, oak wood floors throughout, and unique tiling in each bathroom. Other interior highlights will include high-end appliances, customer shaker cabinets in the kitchen, and tray ceilings in the bedrooms. Exterior highlights will include a large outdoor patio and pool. Construction is expected to take between six and eight months with final sale expected a month after completion (if property is not pre-sold).

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