The Client

First Time Borrower, Experienced Investor
• Loan Purpose
Land Purchase And New Construction
• Loan Structure
12 Months Interest Only

The Investment

New Construction - Single Family
• Purchase Price
$285,000
• Renovation Budget
$293,550 (Construction)
• Loan Amount
$491,000
• Cash Available for Purchase
$197,450
• Cash Available for Renovation
$293,550 (Construction)

The ABL Partnership

Asset Based Lending recently funded a hard money new construction loan in Bohemia NY for a first-time borrower with previous real estate investing experience. The parcel of land was purchased for $285,000 with a construction budget of $293,550 with a total loan funded at nearly 85% LTC. The property is set to be a Colonial single-family 5-bedroom, 3-bath measured at approximately 3,300 square feet. Home will include a two-car garage and finished basement. Construction is set to take 6 months and the home is expected to sell almost immediately after the project is finished.

The Results

• After Repair Value
$950,000
• Sale Price
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