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.