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Newton Connecticut New Construction Hard Money Loan

Address: Newton, CT
Borrower Profile: First Time Borrower, Experienced Investor
Work Description: New Construction – Single-Family Detached
Purchase Price: $200,000
Renovation Budget: $445,000 (Construction)
Loan Amount: $575,000
Cash Available for Purchase: $130,000
Cash Available for Renovation: $445,000 (Construction)
Loan Structure: 12 Months Interest Only
Loan Purpose: Land Purchase And New Construction
ARV: $860,000
Situation:

Asset Based Lending recently funded a hard money new construction loan in Newton Connecticut. The borrower has worked with ABL on many deals before and is an experienced builder and real estate investor. The parcel of land was purchased for $200,000 with a construction budget of $445,000 and total loan funded at 89% LTC. The plans for this home are a Colonial single-family detached 4-bedroom, 3-bathroom measured at approximately 4000 square feet. The home will feature a 3-car garage, stone center façade, open-concept kitchen, large rear deck, cathedral ceilings in the master bedroom, and much more. Construction is expected to take between six and seven months depending on the weather and will likely sell soon after completion.

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