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West Greenwich RI New Construction Loan

Address: West Greenwich, RI
Borrower Profile: First Time Borrower, Experienced Investor
Work Description: New Construction - Single Family
Purchase Price: $160,000
Renovation Budget: $231,000 (Construction)
Loan Amount: $332,350
Cash Available for Purchase: $101,350
Cash Available for Renovation: $231,000 (Construction)
Loan Structure: 12 Months Interest Only
Loan Purpose: Land Purchase And New Construction
ARV: $520,000
hard money loans in Rhode Island
Rhode Island hard money lender

Situation:

Asset Based Lending recently funded a hard money new construction loan in West Greenwich Rhode Island for a first-time borrower with previous real estate investing experience. The parcel of land was purchased for $160,000 with a construction budget of $231,000 and a total loan funded at nearly 85% LTC. The build is set to be a single-family ranch-style 3-bedroom, 2.5-bathroom measured at approximately 1650 square feet. The build will follow an open floor plan with hardwood floors and can lights throughout. Highlights will include a kitchen with white shaker cabinets and island with quartz countertop, master bedroom with walk-in tiled floor-to-ceiling shower, and double sink vanity with marble top in both bathrooms. Construction is expected to take approximately five or six months, with sale occurring within two months after that.

hard money loans Rhode Island
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