Hard Money Land Purchase and New Construction Loan in Jericho, NY
Address: Jericho, NY
Borrower Profile: Experienced Investor & Builder
Work Description: New Construction - Single Family
Purchase Price: $810,000
Renovation Budget: $475,000 (Construction)
Loan Amount: $961,000
Cash Available for Purchase: $486,000
Cash Available for Renovation: $475,000 (Construction)
Loan Structure: 12 Months Interest Only
Loan Purpose: Land Purchase And New Construction
ARV: $1,625,000
Situation:
With a background in engineering and construction, this borrower is well prepared to take on the challenge of a $500,000 new construction project. It will be his second new construction project in Jericho – the first of which sold for over $1.6 million, as well. The fortunate future owners of this brand new home will have five bedrooms, four and a half baths, and access to one of the top rated schools in the country. With buyers already lined up, this investment is sure to be a success.
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