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West Greenwich RI New Construction Loan

Address: West Greenwich, RI
Borrower Profile: First Time Borrower, Experienced Investor
Work Description: New Construction - Single Family
Purchase Price: $160,000
Renovation Budget: $231,000 (Construction)
Loan Amount: $332,350
Cash Available for Purchase: $101,350
Cash Available for Renovation: $231,000 (Construction)
Loan Structure: 12 Months Interest Only
Loan Purpose: Land Purchase And New Construction
ARV: $520,000
Situation:

Asset Based Lending recently funded a hard money new construction loan in West Greenwich Rhode Island for a first-time borrower with previous real estate investing experience. The parcel of land was purchased for $160,000 with a construction budget of $231,000 and a total loan funded at nearly 85% LTC. The build is set to be a single-family ranch-style 3-bedroom, 2.5-bathroom measured at approximately 1650 square feet. The build will follow an open floor plan with hardwood floors and can lights throughout. Highlights will include a kitchen with white shaker cabinets and island with quartz countertop, master bedroom with walk-in tiled floor-to-ceiling shower, and double sink vanity with marble top in both bathrooms. Construction is expected to take approximately five or six months, with sale occurring within two months after that.

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