Asset Based Lending recently funded a hard money new construction loan in Stony Brook New York. The borrower is a repeat borrower and experienced real estate investor. The borrower purchased this lot and an additional lot for a total of $395,000 with a construction budget of $260,500 and total loan funded at 83% LTC. The proposed build is a single-family 4-bedroom, 2.5-bathroom measured at 2,700 square feet. The property has already pre-sold to a buyer for a total of $582,500. Property will be highlighted by builder-grade finishes, vinyl façade, 30-year shingle roof, and Anderson Skyline windows. Kitchen will feature stainless steel appliances, custom cabinets, and granite countertops. Bathrooms will feature tile floors, standard tub, and vanities while the master bath will have an enclosed glass shower. Project is currently underway and is expected to take another four months for completion.
