New Construction Hard Money Loan In Fairfield Connecticut
Address: Fairfield, CT
Borrower Profile: Experienced Builder And Investor
Work Description: New Build Of Single Family Detached
Purchase Price: $420,000
Renovation Budget: $462,465 (Construction)
Loan Amount: $624,000
Cash Available for Purchase: $161,535
Cash Available for Renovation: $462,465 (Construction)
Loan Structure: 12 Months Interest Only
Loan Purpose: Land Purchase And New Construction
ARV: $1,040,000
Situation:
This experienced builder and repeat borrower came to Asset Based Lending for a land purchase and new construction hard money loan in order to finance the ground up build of a single family detached house. The plans for this construction project are similar to a recent project completed by this investor that quickly sold for over $1,000,000. These plans call for slightly more square footage as well as an additional bedroom.
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