201-942-9089 info@abl1.net

Fairfield Connecticut New Construction Loan

Address: Fairfield, CT
Borrower Profile: Repeat Borrower — Experienced Real Estate Investor
Work Description: New Construction — Single-Family Detached
Purchase Price: $450,000
Renovation Budget: $565,100 (Construction)
Loan Amount: $880,000
Cash Available for Purchase: $314,900
Cash Available for Renovation: $565,100 (Construction)
Loan Structure: 12 months interest only
Loan Purpose: Land Purchase & Property New Construction
ARV: $1,350,000

Asset Based Lending recently funded a hard money new construction loan in Fairfield Connecticut. The borrower is a repeat borrower and experienced real estate investor. The property was purchased for $450,000 with a construction budget of $565,100 and total loan funded at 87% LTC. The existing home will be torn down and the proposed build is for a single-family 5-bedroom, 4.5-bathroom measured at 4,700 square feet. This new construction project will be a modern farmhouse that features high-end finishes, shingle-roof, oak floors, and solid-wood doors. Other highlights will include kitchen with center island and Thermador appliances, bathrooms with unique tiling and dual vanities, and high-end molding throughout the home. Construction is expected to take between six and eight months with final sale occurring shortly after completion.