New Construction Needed In New Hampshire
With record low inventory occurring throughout the state, residential new construction is needed in New Hampshire. As of February 2021, there is over 50% less homes on the market then the same time last year, highlighting how tight the inventory has become. Homes are also staying on the market for much less time, with the average home spending 46 days on the market, which is another 50% drop from the year before. Three of the hottest real estate markets in the state can be found in Rochester, Nashua, and Manchester.
Over 1200 homes sold in the state during the month of February 2021, which is an 18% increase from the previous year. Average home prices have continued to rise as well, with the state average reaching $331,506, marking a 21% increase from the year before. More than half of the homes being sold are receiving bids above asking price, putting the advantage directly onto the seller or investor. With the state being such a hot seller’s market, it benefits builders more than ever to design their property to match the market demands and fill these inventory gaps. If you’re an experienced builder or contractor that wants to take advantage of the market with our new construction loans, then contact us today.
Using Hard Money Loans For New Construction
Investors need simple and reliable access to capital to finance their projects. The first thought is to seek out a bank loan, but banks are very risk averse and will typically deny loans for real estate investments or charge so much that it becomes a poor deal for the investor. Others seek out private money lenders for their speed and flexibility, but they don’t come with the same security as traditional bank loans.
That’s why investors choose hard money loans for new construction. A hard money loan combines the speed and flexibility of a private money loan with the security and reliability of a traditional bank loan. At Asset Based Lending, our hard money loans are designed to benefit the borrower and finance their next success.
Choosing ABL For New Construction Financing
If you’re an experienced investor or contractor, you understand the importance for fast project financing. Our team specializes in closing deals quickly so you never miss an opportunity, approving loans as fast as 24 hours and finalizing deals in 10 days or less. With over 10 years of success and over $600 million in total loans funded, Asset Based Lending is ready to help finance your new construction project.
We can finance single home ranches up through luxury condos with new construction loans ranging from $100K to $2.5M for qualified borrowers and rates starting as low as 8%. The ABL team are experts in the local real estate markets and strive to deliver our borrowers a five-star experience from the first phone call to the final loan payoff. If you’re ready to be approved for our NH new construction loans, then contact us today.