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Scarsdale New York Hard Money New Construction Loan

Address: Scarsdale, NY
Borrower Profile: Repeat Borrower – Full-Time Real Estate Investor
Work Description: Tear Down & New Construction – Single Family Detached
Purchase Price: $950,000
Renovation Budget: $959,700 (Construction)
Loan Amount: $1,718,000
Cash Available for Purchase: $758,300
Cash Available for Renovation: $959,700 (Construction)
Loan Structure: 18 Months Interest Only
Loan Purpose: Land Purchase & Property New Construction
ARV: $3,000,000

Situation:

Asset Based Lending recently funded a new construction loan in Scarsdale New York. The borrower is a repeat borrower and full-time real estate investor. Due to the borrower’s experience level and ongoing relationship with ABL, they were granted an extended 18-month loan instead of the typical 12 months. The property was purchased for $950,000 with a construction budget of $959,700 and total loan funded at 90% LTC. The proposed build is a single-family 6-bedroom, 5.5-bathroom with a 1-bedroom, 1-bathroom in the finished basement measured at 5,207 square feet. This modern farmhouse will receive high-end finishes and feature 10-foot-high ceilings, white oak floors, solid core doors, and rear outdoor deck. The kitchen will be highlighted by quartz countertops, custom cabinets, waterfall island, and Sub-Zero appliances. Each bathroom will have a different motif but all will feature radiant heat with towel warmers and quartz countertops. Construction is expected to take 12 months with final sale occurring before project completion.