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Wainscott NY New Construction Hard Money Loan

Address: Wainscott, NY
Borrower Profile: Repeat Borrower & Experienced Builder
Work Description: New Construction – Single-Family
Purchase Price: $526,000
Renovation Budget: $1,251,000 (Construction)
Loan Amount: $1,500,000
Cash Available for Purchase: $248,500
Cash Available for Renovation: $1,251,000 (Construction)
Loan Structure: 18 Months Interest Only
Loan Purpose: Land Purchase And New Construction
ARV: $2,750,000
Situation:

Asset Based Lending recently funded a new construction hard money loan in Wainscott, NY. The borrower is an experienced real estate agent and builder in the Hamptons area. The property was purchased for $526,000 with a construction budget of $1,251,500 and total loan funded at 84% LTC. Home will be highlighted by a very large master suite, large family room, custom cabinets, quartz or marble countertops, 10-foot-high ceilings, sitting area with fireplace, partially finished basement, and much more. Construction time is expected to take approximately 15 months with final sale occurring shortly after project completion.

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