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Florham Park New Jersey New Construction Loan

Address: Florham Park, NJ
Borrower Profile: Experienced Investor & Builder
Work Description: New Construction - Single Family
Purchase Price: $450,000
Renovation Budget: $390,000 (Construction)
Loan Amount: $705,000
Cash Available for Purchase: $315,000
Cash Available for Renovation: $390,000 (Construction)
Loan Structure: 12 Months Interest Only
Loan Purpose: Land Purchase And New Construction
ARV: $1,050,000
Situation:

Asset Based Lending recently funded a hard money new construction loan in Florham Park NJ. This borrower is an experienced builder and real estate investor that has worked with ABL on nearly 20 successful deals before. The parcel of land was purchased for $450,000 with a construction budget of $390,000 and total loan funded at 67% loan to ARV. The build is set to be a Colonial single-family detached 4-bedroom, 4-bathroom measured at a total 3,410 square feet.  The home will be highlighted by large master bedroom with coffered ceilings, a finished basement, formal study, large living room with fireplace, hardwood floors, quartz countertops, and other high-end finishes. Construction is expected to take approximately seven months and will be sold before project completion.

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