New Construction Loans In Massachusetts
Over A Decade Of Funding New Construction Loans In Massachusetts
Experienced real estate investors understand how much time and planning goes into successful new construction projects, so they need a lender they can rely on. With over a decade of offering the most reliable hard money loans, Asset Based Lending is ready to fund your new construction project. We specialize in closing deals quickly and providing funding right when its needed, so you never experience a financial delay. Our flexible underwriting allows us to offer competitive rates to experienced investors looking to grow their real estate business.
We currently offer new construction loans in the following counties: Suffolk, Norfolk, Essex, Middlesex, and Plymouth with exceptions elsewhere for experienced investors. ABL is committed to providing the highest quality service throughout your entire loan process. Contact us today and find out why Asset Based Lending is the most reliable hard money lender in Massachusetts.
| 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 | 9.5%-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 |
Closing Speed
Underwriting Flexibility
Competitive Rates
New construction investments for experienced contractors and investors are funded at interest rates of 9.99%–15% and 0–2% points. Loan amounts range from $100K to $3.5M.
The Most Reliable Hard Money Construction Loans In MA
New Construction Needed In Massachusetts
Massachusetts attracts home buyers from all over the country due to its high average income and proximity to cultural landmarks and major travel hubs. Currently, the housing inventory is unable to meet the continuously growing demand, and that lack of inventory is putting pressure on house prices to trend upward. According to Curbed Boston, single family home sales in the greater Boston area were up for the entirety of 2019, with pending sales in October up over 12% from the previous year. Meanwhile, median sale prices for homes in Plymouth County are up 15% in September 2020 compared to the previous year.
New construction projects take a lot of time and energy, but planning the right project with the right property can be a very lucrative business. An Essex county trend report showed that the average days on market for homes in August 2020 was nearly half the average of 2019, making it an excellent choice for new construction. ABL is ready to fund your next successful new construction project in the following Massachusetts counties: Suffolk, Norfolk, Essex, Middlesex, and Plymouth. Contact us today to be approved for your new construction loan.
Why Massachusetts Investors Choose Hard Money Loans For New Construction
With so many real estate loan options available, Massachusetts investors need to decide which loan aligns best with their new construction project. Many investors prefer the security and stability of borrowing from a bank, however banks tend to avoid new construction projects due to the high risk factor. Plus, their loans take a long time for approval, meaning the potential to miss out on a good deal. A more flexible option is to borrow from a private money lender, but private money loans lack the structure of a financial institution.
That’s why the majority of investors choose hard money lenders for new construction in Massachusetts. Hard money loans from a reputable lender come with the flexibility and relaxed criteria of private money combined with the trust and scalability of a financial institution. Asset Based Lending has been providing successful hard money loans for new construction projects for over a decade. We close deals as fast as 24 hours and provide the peace of mind that you’ll get your funding right when you need it, so your project never experiences financial delays. Contact us now to prequalify for the most reliable new construction loans MA has to offer.
Asset Based Lending Is Ready To Help
Asset Based Lending is committed to providing hard money new construction loans that fund your next success. Take this Somerville new construction project for example, a deal that we closed in less than two weeks that allowed our borrower to build eight luxury townhouse units. Our fast closing times and dedication to our borrowers are why so many investors continue to choose ABL for their all lending needs. We always tailor loans to match your specific project, but each new construction loan offers:
- Preapproval within 24 hours of initial prequalification
- Closing within 10 days on average
- Flexible loans sizes from $100K to $3.5M
- No prepayment penalties
- Funds delivered three days from draw date
- Direct access to lender
If you’re looking to fund a hard money loan in Massachusetts, contact us today and experience why Asset Based Lending has the most reliable construction loans in the state.
