Situation:

Asset Based Lending recently funded a cash out and new construction loan for a repeat borrower and experienced investor in Ho-Ho-Kus, NJ. The investor purchased the property in cash from another investor in January 2020 and approached ABL for a cash out on some of his existing equity as well as the construction financing to build a new 5,800 square foot single family home with 6 bedrooms and 7 bathrooms in an upscale suburban neighborhood. The finished home will be a high-end craftsman style home with traditional moldings, coffered ceilings, high-end siding, a pool, 3 car garage, finished basement, smart home features like programmable lighting and security, as well as other high end finishes throughout. ABL was able to finance this hard money loan for construction at 80% of cost, financing 100% of construction.