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
![](https://cdn.abl1.net/wp-content/uploads/2021/04/24-Hedge-Front.jpg)
![](https://cdn.abl1.net/wp-content/uploads/2021/04/plans-front-3.png)
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.
![](https://cdn.abl1.net/wp-content/uploads/2021/04/24-Hedge-Rear.jpg)
![](https://cdn.abl1.net/wp-content/uploads/2021/04/24-Hedge-Plans.jpg)
![](https://cdn.abl1.net/wp-content/uploads/2021/04/24-Hedge-St.jpg)
![](https://cdn.abl1.net/wp-content/uploads/2021/04/plansside.png)
Get Started
![prequalify-icon](https://cdn.abl1.net/wp-content/uploads/2021/10/prequalify-icon.png)
![call-us-icon](https://cdn.abl1.net/wp-content/uploads/2021/10/call-us-icon.png)
![email-us-icon](https://cdn.abl1.net/wp-content/uploads/2021/10/email-us-icon.png)