Asset Based Lending recently funded a hard money new construction loan in Staten Island, NY. The borrower is a first-time borrower and experienced real estate investor. The property was purchased for $545,000 with a construction budget of $521,300 with total loan funded at 73% LTC. Due to the borrower’s high level of experience with similar construction projects, ABL felt comfortable offering a 15-month bridge loan instead of the typical 12-month. The existing structure will be demolished and the borrower will build two semi-attached duplexes, with both units being 3-bedroom, 2.5-bathroom measured at a total 1,800 square feet. The duplex will feature mid-grade finishes, stone veneer facade, pella windows, and a shingle roof. Units will be highlighted by 9-foot-high ceilings, hardwood floors, porcelain tiles, stone countertops, shamrock cabinets, and stainless steel appliances. Each unit will have in-unit washer and dryer, along with the master bedrooms featuring its own bathroom with enclosed shower. Construction is expected to take between 12 and 14 months with final sale occurring shortly after completion.