Situation:

Asset Based Lending recently funded a hard money new construction loan in Rockville Center NY for a first-time borrower with extensive real estate investing experience. The parcel of land was purchased for $550,000 with a construction budget of $539,000 and a total loan funded at nearly 80% LTC. The borrower has nearly four decades of general contracting experience and plans on building six separate homes on this same street. This property is set to be a single-family home with 4-bedrooms and 2.5-bathrooms measured at approximately 3400 square feet. The property will feature mid-grade finishes including custom wood cabinets and granite or quartz countertops in the kitchen, porcelain tiles in the bathrooms, and hardwood floors with custom stairways. Estimated construction time is seven months and the borrower believes the property will be sold before construction is completed.