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Hard Money Loan For New Construction In Fairfield CT

Address: Fairfield, CT
Borrower Profile: Repeat Borrower & Experienced Investor
Work Description: New Construction - 2 Single Family Homes
Purchase Price: $770,000
Renovation Budget: 1,000,000 (Construction)
Loan Amount: $1,416,000
Cash Available for Purchase: 416,000
Cash Available for Renovation: 1,000,000 (Construction)
Loan Structure: 12 Months Interest Only
Loan Purpose: Land Purchase And New Construction
ARV: $2,405,000
Situation:

Asset Based Lending recently funded a new construction in Fairfield CT for a repeat borrower with a history of successful real estate investments. The project involves building two single-family homes on a piece of land that was purchased for $770,000 and a construction budget of $1,000,000 financed at 80% LTC overall. This hard money construction loan is funding two separate 4,351 sq foot homes that will feature three floors with 5 bedrooms and 4.5 bathroom, including a walk-up attic and storage basement. Our borrower is an experienced builder, contractor, and real estate investor that has worked with ABL on several successful deals throughout the years. We are happy to provide our experienced borrowers with the best new construction loans CT has to offer.

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