Asset Based Lending recently funded a hard money new construction loan in Staten Island, NY. The borrower is a repeat borrower and experienced real estate investor. The property was purchased for $950,000 with a construction budget of $1,100,000 with total loan funded at 80% LTC. Due to the borrower having a strong working relationship with ABL from previous deals, as well as their extensive experience in similar projects, they were granted a 15-month bridge loan instead of the typical 12-month. The existing structure will be demolished and the borrower will build four single-family homes, with each home being 3-bedroom, 3-bathroom measured at 1,800 square feet. These identical builds will feature mid-level finishes, a stone facade with vinyl siding, shingle roof, and first-floor deck. Inside will be highlighted by 9-foot-high ceilings, hardwood floors throughout most of the home, tile floors in the kitchen and bathroom, and crown moldings. Kitchen will feature stainless steel appliances with granite counters and wood cabinets, while the bathrooms feature tile walls and higher than builder-grade finishes. Construction is expected to take 12 months with final sale occurring shortly after completion.