Recently Funded Ground-Up Construction Loan In Henrico, Virginia

Loan Scenario:

This ground-up construction project features a ground-up construction no cash-out refinance on a new build in Henrico, Virginia. The borrower is a seasoned investor with four finished jobs. Here, the property is a detached single-family home now under construction. Also, the borrower bought the land in late 2025 for $915,000. Then, the build budget came in at $1,636,634.80. So the total cost basis reached $2,551,634.80. Now, American Heritage Lending funded $2,084,413 to refinance the project. This puts the Loan-to-Cost at 81.69% and the Loan-to-After Construction Value at 69.46%.

Also, the After Construction Value lands at $3,001,000. Still, the loan carries a True Zero Point Loan structure. So the borrower keeps upfront costs low. Next, the 12-month interest-only term gives room to finish the build.

The project is a full custom build with five bedrooms and four-plus baths. First, site prep and the foundation set the base. Then, the team framed the structure to shell. Next, major systems like plumbing, electrical, and HVAC follow. Also, outside work covers masonry and finish details. Last, the inside phase brings cabinets, counters, flooring, and trim.

Now, Henrico sits within the Richmond metro area. Also, the 23229 zip code falls along the River Road corridor, an upscale pocket of western Henrico. Here, buyers seek custom new builds in tight supply. So homes in this price tier hold steady demand. Also, the broader Richmond metro keeps growing at a stable pace.

Overall, this deal shows how American Heritage Lending backs seasoned builders mid-project. Also, the True Zero Point Loan keeps upfront costs low. Here, AHL paired strong leverage with an interest-only term. So the builder can focus on the finish line. Still, the loan reflects a clear cost basis and after-build value.