201-942-9089 info@abl1.net

Franklin Lakes New Jersey Hard Money New Construction Loan

Address: Franklin Lakes, New Jersey
Borrower Profile: Repeat Time Borrower — Experienced Real Estate Developer
Work Description: New Construction — Single Family
Purchase Price: $650,000
Renovation Budget: $875,000 (Construction)
Loan Amount: $1,330,000
Cash Available for Purchase: $471,900
Cash Available for Renovation: $875,000 (Construction)
Loan Structure: 12 months interest only
Loan Purpose: Land Purchase & Property New Construction
ARV: $2,550,000

Asset Based Lending recently funded a new construction project for a repeat borrower and experienced real estate developer in Franklin Lakes New Jersey. This borrower has completed 5 new construction projects and 5 fix and flip projects with ABL in the last three years. The borrower purchased the property and had it subdivided prior to contacting ABL for a new construction loan. For this project the borrower plans to construct a 5-bedroom 4.5-bathroom single family home with luxury finishes. The living room and kitchen are open concept, and the foyer will feature a double staircase and vaulted ceilings. The kitchen will be finished with Wolf appliances and quartz countertops. Construction on this property is expected to take 8 months and the investor is already working with a buyer on the final sale.