Asset Based Lending recently funded a hard money new construction loan in Fairfield Connecticut. The borrower is a repeat borrower and experienced real estate investor. The property was purchased for $450,000 with a construction budget of $565,100 and total loan funded at 87% LTC. The existing home will be torn down and the proposed build is for a single-family 5-bedroom, 4.5-bathroom measured at 4,700 square feet. This new construction project will be a modern farmhouse that features high-end finishes, shingle-roof, oak floors, and solid-wood doors. Other highlights will include kitchen with center island and Thermador appliances, bathrooms with unique tiling and dual vanities, and high-end molding throughout the home. Construction is expected to take between six and eight months with final sale occurring shortly after completion.
