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Fairlfield CT New Construction Hard Money Loan

Address: Fairfield, CT
Borrower Profile: Experienced Investor, Builder, Realtor
Work Description: New Construction - Single Family
Purchase Price: $387,500
Renovation Budget: $450,000 (Construction)
Loan Amount: $647,000
Cash Available for Purchase: $197,000
Cash Available for Renovation: $450,000 (Construction)
Loan Structure: 12 Months Interest Only
Loan Purpose: Land Purchase And New Construction
ARV: $1,045,000
Sale Price: $1,100,000 (Listed)
Situation:

Asset Based Lending was happy to have this husband and wife team of repeat borrowers back for another new construction project in Fairfield, Connecticut. ABL funded a hard money loan for the tear down and new construction of a 5 bed / 4.5 bath 4,200 sqft single family home. This is the 4th house on the same block for this realtor and builder husband/wife team, so they’re intimately familiar with the market and the demands for the area. The finished home will sit on an 1/2 acre lot, include a full 9 foot unfinished basement, 9 foot high ceilings, an open floor plans, and high end finishes throughout.

Outcome:

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