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Stony Brook New York Cash Out & New Construction Loan

Address: Stony Brook, NY
Borrower Profile: Repeat Borrower — Experienced Real Estate Investor
Work Description: New Construction — Single-Family Detached
Purchase Price: $197,500
Renovation Budget: $260,500 (Construction)
Loan Amount: $379,000
Cash Available for Purchase: $300,550
Cash Available for Renovation: $78,450 (Construction)
Loan Structure: 12 months interest only
Loan Purpose: Cash Out & New Construction
ARV: $650,000
New construction loan NY
NY hard money construction loan
Situation:

Asset Based Lending recently funded a hard money new construction loan in Stony Brook New York. The borrower is a repeat borrower and experienced real estate investor. The borrower purchased this lot and an additional lot for a total of $395,000 with a construction budget of $260,500 and total loan funded at 83% LTC. The proposed build is a single-family 4-bedroom, 2.5-bathroom measured at 2,700 square feet. The property has already pre-sold to a buyer for a total of $582,500. Property will be highlighted by builder-grade finishes, vinyl façade, 30-year shingle roof, and Anderson Skyline windows. Kitchen will feature stainless steel appliances, custom cabinets, and granite countertops. Bathrooms will feature tile floors, standard tub, and vanities while the master bath will have an enclosed glass shower. Project is currently underway and is expected to take another four months for completion.

Direct hard money lender NY
Hard money loans for real estate investors
NY loans for real estate investors