Asset Based Lending recently funded a land purchase and new construction project in Middle Island, New York with a repeat borrower and experienced real estate investor. This single family home lot was purchased for $150,000 with a construction budget of $305,000 and an appraisal of $650,000. The new construction features a vacant lot that requires clearing but is mostly flat. It will have builder-grade plus finishes with vinyl siding, architectural shingles, and single-hung vinyl windows throughout. The ceilings will be 8 feet 1 inch high, with hardwood floors on the first level and carpet on the second, though hallway hardwood is optional. The kitchen will include white shaker cabinets, granite countertops, and stainless-steel appliances, while the master bathroom offers a walk-in shower and closet. Secondary bathrooms feature single vanities and tubs, with a half bath on the first floor. The layout will be an open-concept living/dining/kitchen area with a central island and a family room to the right. The second floor will include secondary bedrooms and a full bath, with the master bedroom occupying the entire left half. The borrower expects 6-7 month timeline to build and 2 months to sell.
