Situation:

Asset Based Lending recently funded a new construction loan in Ewing New Jersey. The borrower is a repeat borrower and experienced real estate investor. The property was purchased for $70,000 with a construction budget of $195,000 and total loan funded at 89% LTC. This proposed build is a single-family 5-bedroom, 3-bathroom measured at approximately 2,600 square feet. There is an existing building that requires knocking down, so the borrower will keep the existing foundation from previous property and will replace the framing. This build will be gas heated and has all necessary permits to move forward with the project. Construction is expected to take approximately six months with final sale occurring within two months of completion.