03/27/2022
Address: Annandale, VA
Borrower Profile: First-Time Borrower — Experienced Real Estate Investor
Work Description: New Construction — Luxury Single-Family
Purchase Price: $427,000
Renovation Budget: $1,047,000 (Construction)
Loan Amount: $1,047,000
Cash Available for Purchase: $0
Cash Available for Renovation: $1,047,000 (Construction)
Loan Structure: 12 months interest only
Loan Purpose: Property New Construction Only
ARV: $1,850,000
Situation:
Fre'dom Financial Solutions recently funded a hard money new construction loan in Annandale Virginia. The borrower is a first-time borrower and experienced real estate investor. The property was purchased for $427,000 with a construction budget of $1,047,000 and total loan funded at 71%. The proposed build is for a single-family 7-bedroom, 8-bathroom measured at approximately 9,000 square feet. Highlights will include a hardy board and stone accented façade, shingle roof, solid core doors, hardwood floors, and extensive molding throughout. Finished basement will include a movie theater, wet bar, wine cellar, rec room, and full bedroom with bathroom. Kitchen will include custom cabinets, mixed quartz and granite countertops, and stainless steel appliances. Each bedroom will feature in-suite bathroom and walk-in closet. Construction is expected to take eight months with final sale occurring before project completion.
