Asset Based Lending recently funded a hard money new construction loan in North Merrick New York. The borrower is a repeat borrower and experienced real estate investor. The property was purchased for $500,000 with a construction budget of $450,000 and total loan funded at 84%. The existing home will be torn down and the proposed build is for a single-family 5-bedroom, 3.5-bathroom measured at 3,009 square feet. This new construction project will feature high-end finishes, vinyl & cultured stone façade, shingle roof, double hung windows, and solid oak flooring. Kitchen will be highlighted by open-concept design and include stone counters, white shaker cabinets, and Kitchen Aide appliances. Home will utilize central air and central heating, along with an economical water system. Construction is expected to take up to six months with final sale occurring shortly after completion.
