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New Construction In Stratford Connecticut

Address: Stratford, CT
Borrower Profile: Experienced Builder and Investor
Work Description: Construction of single family home in suburban stable neighborhood.
Purchase Price: $121,000 (Land)
Renovation Budget: $275,000
Loan Amount: $378,000
Cash Available for Purchase: $60,000
Cash Available for Renovation: $275,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Land Purchase & New Construction
ARV: $605,000
Sale Price: $525,000
Time To Pay Off: 13 Months
Situation:

As the owner of a construction company, the borrower felt prepared to take on the challenge of a new construction real estate investment. He drew up plans for a 2-story, 4 bedroom, colonial-style home. He chose hardwood floors and put in lots of windows to create a bright space.

Outcome:

Although the borrower needed an extension and a loan modification, his finished project was a beautiful home that sold quickly. It did sell for below the after repair value, but the borrower had enough of a difference between his investment and his sale price that he still made a significant profit.

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