Situation:

Asset Based Lending recently funded a new construction loan in Brookfield Connecticut. The borrower is a repeat borrower and full-time real estate investor. The property was purchased for $185,000 with a construction budget of $445,000 and total loan funded at 90% LTC and 70% LTV. The proposed build is a single-family 4-bedroom, 3.5-bathroom measured at 4,000 square feet. The property will feature 9-foot-high ceilings, Anderson or Marvin windows, quartz floors in the kitchen and bath with hardwood floors throughout the remainder, and solid core interior doors. The kitchen will be highlighted by large cabinets, quartz countertops, marble backsplash, and stainless-steel appliance package. The bathrooms will be highlighted by quartz wall tiles, large rain head showers, and a soaking tub in the master bathroom. Construction is expected to take seven months with final sale occurring shortly after completion.