201-942-9089 info@abl1.net

Smithfield Virginia New Construction Loan

Address: Smithfield, VA
Borrower Profile: Repeat Borrower — Experienced Real Estate Investor
Work Description: Demolition & Construction — Single-Family Detached
Purchase Price: $38,000
Renovation Budget: $230,000 (Construction)
Loan Amount: $401,000
Cash Available for Purchase: $0
Cash Available for Renovation: $182,500 (Construction)
Loan Structure: 12 months interest only
Loan Purpose: Property New Construction
ARV: $281,000

Asset Based Lending recently funded a hard money new construction loan in Smithfield Virginia. The borrower is a repeat borrower and experienced real estate investor. This is only the borrower’s second new construction project, but with their extensive fix and flip experience as well as their partnering with a trusted general contractor allowed ABL to lend on this deal. The property was purchased for $38,000 with a construction budget of $182,500 with a total loan funded at 68% LTC. The existing property will be knocked down to make way for a 3-bedroom, 2.5-bathroom single-family measured at 1,542 square feet. House will feature mid-level finishes and include vinyl siding, asphalt shingle roof, and 9-foot-high ceilings. The kitchen will feature tile flooring, granite countertops, and stainless-steel appliances. The bathrooms will feature LVP flooring and tiling in the showers. Project is expected to take four months with final sale occurring shortly after completion.