Situation:

Asset Based Lending recently funded a hard money new construction loan in Greenport NY for a repeat borrower and experienced builder. The parcel of land was purchased for $160,000 with a construction budget of $1,017,000 and a total loan funded at 84% LTC. The build is set to be a luxury single-family detached 4-bedroom, 5.5-bathroom measured at approximately 4,500 square feet. The build will be highlighted by a large living room with fireplace, cathedral ceilings in the kitchen and dining room, covered patio with sliding doors, and full finished basement. All bathrooms will have unique marble or granite designs, and all stainless-steel appliances will be high-end. Construction is expected to take approximately six months.