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Hard Money Loan For New Construction In Freehold Township NJ

Address: Freehold Township, NJ
Borrower Profile: Repeat borrower and experienced developer
Work Description: New Construction - 2 Single Family Homes
Purchase Price: $320,000
Renovation Budget: $700,000 (Construction)
Loan Amount: $866,000
Cash Available for Purchase: $166,000 (Cash Out)
Cash Available for Renovation: $700,000 (Construction)
Loan Structure: 12 Months Interest Only
Loan Purpose: Cash Out And New Construction
ARV: $1,530,000
Situation:

Asset Based Lending recently funded a cash out refinance and new construction loan in Freehold Township NJ for a repeat borrower and professional developer. The project includes the construction of two homes funded at nearly 85% LTC with approximately $146,000 available to cash out. The homes will each be on a half-acre of land and consist of 4600 sq feet featuring 5 bedrooms, 4.5 bathrooms, and finished basements. These homes will be highlighted by granite kitchens, walnut stained floors, and sunny entranceways. Our borrower has worked with us several times before and is a full-time real estate investor and home builder. ABL is always happy to offer the most reliable new construction loans for experienced investors and repeat borrowers.

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