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Smithfield Virginia New Construction Loan

Address: Smithfield, VA
Borrower Profile: Repeat Borrower — Experienced Real Estate Investor
Work Description: Demolition & Construction — Single-Family Detached
Purchase Price: $38,000
Renovation Budget: $230,000 (Construction)
Loan Amount: $401,000
Cash Available for Purchase: $0
Cash Available for Renovation: $182,500 (Construction)
Loan Structure: 12 months interest only
Loan Purpose: Property New Construction
ARV: $281,000
Virginia new construction loan
New construction loan for real estate investors
Situation:

Asset Based Lending recently funded a hard money new construction loan in Smithfield Virginia. The borrower is a repeat borrower and experienced real estate investor. This is only the borrower’s second new construction project, but with their extensive fix and flip experience as well as their partnering with a trusted general contractor allowed ABL to lend on this deal. The property was purchased for $38,000 with a construction budget of $182,500 with a total loan funded at 68% LTC. The existing property will be knocked down to make way for a 3-bedroom, 2.5-bathroom single-family measured at 1,542 square feet. House will feature mid-level finishes and include vinyl siding, asphalt shingle roof, and 9-foot-high ceilings. The kitchen will feature tile flooring, granite countertops, and stainless-steel appliances. The bathrooms will feature LVP flooring and tiling in the showers. Project is expected to take four months with final sale occurring shortly after completion.

Hard money lender Virginia
Hard money new construction loan