Asset Based Lending recently funded a hard money loan for new construction in Staten island, New York. The borrower is a repeat borrower and experienced real estate investor & general contractor who focuses on the Staten Island real estate market. The proposed plan is to demolish the existing property to sub-divide the land and build a two story duplex divided down the middle to function as single family homes. These new properties will be 3-bedroom, 2.5-bathroom and measured at 2800 square feet each. These homes will be highlighted by mid grade finishes, nine-foot-high ceilings, crown molding on first floor, mix of hardwood and tiles flooring throughout, and a fully finished basement. Kitchens will feature shaker cabinets, granite countertops, and three-person island in the middle. Bathrooms will feature standard vanities with either quartz or granite countertops. Build time is expected to take nine months, with final sale occurring within three months of the completion date.
