Situation:

Asset Based Lending recently funded a hard money new construction loan in Bohemia NY for a first-time borrower with previous real estate investing experience. The parcel of land was purchased for $285,000 with a construction budget of $293,550 with a total loan funded at nearly 85% LTC. The property is set to be a Colonial single-family 5-bedroom, 3-bath measured at approximately 3,300 square feet. Home will include a two-car garage and finished basement. Construction is set to take 6 months and the home is expected to sell almost immediately after the project is finished.