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Fairfield CT New Construction Hard Money Loan

Address: Fairfield, CT
Borrower Profile: Repeat Borrower & Experienced Investor
Work Description: New Construction - Single Family
Purchase Price: $385,000
Renovation Budget: $500,000 (Construction)
Loan Amount: $731,000
Cash Available for Purchase: $231,000
Cash Available for Renovation: $500,000 (Construction)
Loan Structure: 12 Months Interest Only
Loan Purpose: Land Purchase And New Construction
ARV: $1,175,000

Asset Based Lending recently funded a hard money new construction loan in Fairfield CT for a repeat borrower with extensive real estate investing experience. The property was purchased for $385,000 with a construction budget of $500,000 with a total loan funded at nearly 83% LTC. The borrower’s exit strategy is to sell the property for a total ARV of $1,175,000. The current property will be demolished to allow for the new construction, which will be a Colonial single-family detached 5-bedroom, 4.5-bathroom measured at approximately 4700 square feet. Home will feature an open floor plan and be highlighted by 9-foot-high coffered ceilings, hardwood oak floors, and pickled white finishes. Each bathroom will have its own unique tile patterns and finishes. Construction is expected to take approximately 6 months and is expected to sell within 3 months of project completion.

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