Situation:

Asset Based Lending recently funded a new construction hard money loan in Old Brookville New York. The borrower is a first-time borrower that is an experienced builder and real estate investor. The property was purchased for $1,400,000 with a construction budget of $1,506,000 and total loan funded at 83% LTC. The proposed build is a single-family 5-bedroom, 8-bathroom measured at 7,300 square feet. The build will be luxury in scope with the exterior highlighted by stone cladding façade, slate or cedar roof, and black trim windows. Interior will be highlighted by 10-foot-high ceilings, vaulted foyer, white oak and walnut floors, and classic farmhouse moldings. Kitchen will feature double dishwasher, double wall oven, wet bar, and high-end appliances. Each bedroom will feature its own bathroom and walk-in-closet, with three separate bathrooms throughout the home. Build time is expected to take up to 11 months with final sale expected before project completion.