Rhode Island Needs New Housing Supply
Housing inventory has reached record lows for the state while high demand is driving sale prices to 5-year-highs, so residential new construction is needed for the market. Single-family and multi-family homes are both in high demand, with single-family homes experiencing a 44% drop in number of listings from the previous year. The top metro areas in the state are breaking records in terms of the average sale price for these homes; for example, the average sale price for homes in Cumberland Hill reached $327,450 during December 2020, which is a 15% increase from 2019 and a 5-year-high. Homes in the area were typically on market for only 30 days, which is a 37% decrease from the previous year and highlights the level of demand in the area. Other cities in the area are seeing similar trends, with the most common being that new housing is needed to fill the empty inventory.
Asset Based Lending always works to meet the market demand, providing more new construction loans in 2020 than any previous year. Our team of experts understands local real estate and good investments, using that knowledge to help real estate investors grow their business quickly. If you have been looking for your next successful construction project, finance your business with the best new construction loans Rhode Island has to offer. Contact us today to be approved for your hard money new construction loan within 24 hours.
Choosing Hard Money Loans For New Construction
Rhode Island construction loans vary greatly and choosing the right one can make a big difference in both funding speed and net profits. Many investors want to work with financial institutions like banks, however banks are very risk adverse when it comes to their lending which restricts their loans and disqualifies many borrowers. Other investors try to borrow from private money lenders due to less restrictions, but private money loans come with less security and reliability which adds extra layers of risk to the investment.
Hard money lenders like ABL provide the reliability and security of a financial institution with the speed and flexibility of a private money lender. These hard money loans take an investor’s entire history into account to assess risk level, including real estate investing experience, income, credit score, liquid assets, etc. With no prepayment penalty and a variety of loan types, our team provides the highest quality service for our borrowers. If you’re ready to be approved for your hard money loan for new construction, contact us today.
Why Investors Choose Asset Based Lending For New Construction Loans
When you choose to secure a new construction loan, it means you need a lender that you can trust from start to finish. Asset Based Lending has a wide range of loan criteria, flexible underwriting that fits your specific project, and professional draw management that funds your construction without any delays. With half of our borrowers being repeat borrowers and more than 150 verified 5-star reviews, it’s clear that ABL provides the best hard money loans for new construction.
We love working with experienced investors on residential and mixed-use construction projects and look forward to funding your new construction in Rhode Island. Contact us today to be approved for the best RI new construction loans on the market.