Situation:

Asset Based Lending funded a hard money construction loan in Brookfield Connecticut for a repeat borrower and experienced builder. The borrower is a professional home builder that has closed five other deals with ABL. He has built this style of home with high-end finishes and details several times in the Brookfield area, each one coming in under budget and selling successfully. These two acres of land were purchased for $167,500 with construction costs planned at $457,100. This home was designed to be 3,300 square foot with 4-bedrooms, 3-baths and included a 3-car garage.

Outcome:

The build was completed on time and on budget- highlighted by large tray ceilings, granite countertops, and marble tiled bathrooms. The house sold for $10,000 above the estimated ARV and the loan was paid off in ten months, marking another successful project with this excellent borrower.