Asset Based Lending recently funded a hard money new construction loan in Watermill New York. The borrower is a first-time borrower and experienced real estate investor. The parcel of land was purchased for $1,225,000 with a construction budget of $1,497,000 for a total loan amount of $1,800,000. The proposed build is for a single-family 6-bedroom, 4-bathroom measured at 7,280 square feet. Highlights will include a finished basement with gym, wine cellar, and rec room. Other features will include Anderson windows, French doors, crown moldings, electric fireplace, and high-end finishes in the bathrooms. Construction is expected to take 12 months with final sale occurring shortly after completion.
