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Brookfield CT New Construction Loan

Address: Brookfield, CT
Borrower Profile: Repeat Borrower & Experienced Builder
Work Description: New Construction - Single Family
Purchase Price: $167,500
Renovation Budget: $457,100 (Construction)
Loan Amount: $465,000
Cash Available for Purchase: $7,900
Cash Available for Renovation: $457,100 (Construction)
Loan Structure: 12 Months Interest Only
Loan Purpose: New Construction
ARV: $775,000
Sale Price: $785,000
Time To Pay Off: 10 Months
Situation:

Asset Based Lending funded a hard money construction loan in Brookfield Connecticut for a repeat borrower and experienced builder. The borrower is a professional home builder that has closed five other deals with ABL. He has built this style of home with high-end finishes and details several times in the Brookfield area, each one coming in under budget and selling successfully. These two acres of land were purchased for $167,500 with construction costs planned at $457,100. This home was designed to be 3,300 square foot with 4-bedrooms, 3-baths and included a 3-car garage.

Outcome:

The build was completed on time and on budget- highlighted by large tray ceilings, granite countertops, and marble tiled bathrooms. The house sold for $10,000 above the estimated ARV and the loan was paid off in ten months, marking another successful project with this excellent borrower.

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