Maine New Construction Loans
The Most Reliable Hard Money Lender for Maine New Construction
Asset Based Lending offers hard money loans for new construction projects across the state of Maine. These 12-month, interest-only bridge loans for new construction are designed for experienced real estate investors that have a proven track record of successful construction projects. Whether you’re developing a multifamily property in Lewiston or building a single-family home in Saco, ABL can help fund your investment with construction loans ranging from $100K to $3.5M.
Our team works closely with our borrowers to ensure they receive the best possible hard money loan for their project. We currently offer interest rates starting as low as 9.99% and finance 100% of the construction costs, all while closing loans in 10 days on average. ABL’s fast and reliable new construction loans have helped hundreds of investors scale their business and deliver on profitable new builds. We’re constantly evolving and adapting our loan programs to match the market, so if you’d like to discuss your upcoming new construction projects then contact us today and see if ABL can help finance your next success.
Maine’s Trusted Hard Money Lender For New Construction
|Experience||Credit Score Minimum||Interest Rate||Points||Advance Rate On Purchase||Advance Rate On Construction||ARV||Property Types||Pre-Pay Penalty||Extensions||Blanket Loans||Loan Size||Loan Terms|
|High||660||9.99%-15%||0-2%||Up to 70% Land Value||100%||Up to 67.5%||Single Family, Multi Family, Mixed Use||No||Available||Yes||$100K to $3.5M||12 Months|
Maine Needs Residential New Construction
Low housing inventory is one of the biggest reasons why the home sale prices have shot up across Maine over the last few years. As of January 2022, the average home sale price reached $339,000 which is a 12% increase year over year. To highlight the lack of available housing, the number of homes for sale fell by a staggering 59% from the previous year, so demand is far outpacing current supply. Therefore, real estate investors focused on new construction have a competitive advantage compared to fix and flip investors since their projects are the only way to fill these inventory gaps.
With low inventory and a rising population, Maine new construction can be one of the most profitable investment opportunities in the state. Builders and developers that can source their materials directly and utilize hard money loans to finance their project can maximize their potential profit while keeping their capital costs relatively low. Asset Based Lending offers hard money loans for new construction that close quickly and provide investors high leverage, low interest bridge loans to finance their project with minimal capital down. We provide construction loans for all types of residential projects and occasional mixed-use projects that are favored towards residential. Contact us today and find out how we can help you scale your real estate investing business.
Why Investors Prefer Hard Money Loans For New Construction
Loans for new construction vary greatly depending on the entity and loan structure, so its important for investors to understand all their financing options. Many investors like the security and guarantee that comes with borrowing from a large financial institution, such as their preferred bank. However, banks require lots of intensive documentation and take upwards of several months before closing a construction loan because of their risk assessment policies. This makes it difficult for builders and developers to seize opportunities as they arise, as well as heavily restricting the types of borrowers that are eligible for the loans. Other investors like to work with private money lenders, such as trusted individuals with available capital or even borrowing from friends and family. However, this type of private money loan doesn’t some with a level of guarantee that makes the deal more risky and potentially volatile for the investor.
When it comes to real estate investments, builders and developers prefer to use hard money loans for new construction. It combines the speed and flexibility of a private money lender with the security of a financial institution. Hard money lenders focus on fast closings and offer a variety of loan programs that are designed for real estate investors, which makes them superior to other types of construction loans when it comes to securing a profitable deal. ABL is a reliable hard money lender that provides construction loans to experienced real estate investors across the state of Maine. If you have an upcoming residential construction project that requires financing, reach out and see how easy ABL makes new construction loans.
Choosing Asset Based Lending For Your Maine New Construction Loan
As a direct hard money lender with over 10 years of proven success and over $1.5B in loan origination, Asset Based Lending has cemented itself as the premier hard money lender for new construction loans. Our flexible underwriting and fast closings have helped hundreds of builders and developers scale their real estate business, allowing them access to capital and providing them a smooth loan process from start to finish.
With more than half of our borrowers being repeat borrowers and more than 150 verified 5-star reviews, real estate investors know that ABL provides the best hard money loans for new construction in Maine. If you’re ready to finance your next project, then contact us today to be approved for your ME new construction loan.