Asset Based Lending is proud to celebrate our borrower’s successful real estate investments and our loan officers who facilitate that success. ABL will be highlighting our loan officers favorite deal each month, going through the details that made it a win and how our experts navigated the process.
The Deal: New Construction In Fairfield, CT
Today’s deal comes from Susan Botros who closed this new construction loan in Fairfield, CT. The land is 1.12 acres and was purchased for $770,000, which will be subdivided in order to build two single-family homes with a total construction budget of $1,000,000. The loan was funded at 80% LTC for a total loan amount of $1,416,000. Our borrower is a repeat borrower and an experienced home builder, working in the Fairfield County area for over 20 years. Subdivision permits for the land had not come through before the loan was approved, but Susan was able to work with the underwriters to make an exception and approve the loan thanks to the relationship she developed with the borrower and his extensive track record. This borrower’s custom home designs are on the affordable side of luxury, with previous deals in the area and local comps leading the appraiser to believe the project will be worth a total ARV of $2,405,000. These homes will be 5-bedroom, 4.5 bath Colonial builds with 4,351 square foot floorplans. They follow an open space concept with high coffered ceilings, oakwood floors, and unique tile floor designs for both bathrooms. With high end finishes and masterful construction, these homes will mark another success for our borrower.
Fairfield and the entire Fairfield County area has been a rising real estate market for most of the last year, seeing a surge in recent months due to the mass vacancy of the New York metro area. The high-quality schools and desirable location have made it an attractive spot for homeowners and renters alike. The average price for homes in Fairfield, CT is currently $500,000, which is a staggering 33% increase from the previous year average. New construction projects are being priced around $226 per sq foot, which is an increase of 18% from the previous year. Homes in Fairfield County spend an average 58 days on market, making it a healthy and stable market for selling homes. The high average price and low days on market make the area an excellent option for new construction, providing new inventory in a low inventory area that is seeing constant rises in the final sale price.
Susan is an experienced loan officer who enjoys helping her borrowers reach their financial goals, but most importantly she enjoys building relationships.
Without the relationship both us and the borrower have built, this deal wouldn’t have happened. This is what I love the most about my job—building genuine relationships.
She credits her history with this borrower for allowing the deal to even come to fruition.
“Without the relationship both us and the borrower have built, this deal wouldn’t have happened.
This is what I love the most about my job—building genuine relationships.” When she is not working diligently to help our borrowers, she enjoys relaxing in nature- whether its hiking, biking, or taking in the scenery.