201-942-9089 info@abl1.net

Millstone New Jersey Hard Money New Construction Loan

Address: Millstone, New Jersey
Borrower Profile: Repeat Borrower — Experienced Real Estate Developer
Work Description: New Construction — Single Family Detached
Purchase Price: $600,000
Renovation Budget: $825,000 (Construction)
Loan Amount: $1,025,000
Cash Available for Purchase: $200,000
Cash Available for Renovation: $825,000 (Construction)
Loan Structure: 12 months interest only
Loan Purpose: Cash Out Refinance & New Construction
ARV: $1,778,000
Millstone New Construction Loan
NJ Hard Money Lender

­­­Asset Based Lending recently funded a cash out and new construction project in Millstone New Jersey for a repeat borrower and experienced real estate investor. This borrower enlisted the help of ABL to fund another a land purchase and new construction project in Monroe Township New Jersey. This borrower is a full time real estate builder and purchased the land prior to closing this loan, allowing them to take cash out on the land to begin construction. The scope of work for this project is to construct a single family detached home with 5 bedrooms and 4.5 bathrooms. There is a pre-existing foundation on this property which the investor will use to build on. The first floor of this home will have an open concept foyer, great room, and kitchen with a dining room attached. The living room will be at the front of the home while a guest bedroom with an en suite bathroom will be at the back. The first floor will also feature a laundry room, 4-car garage, and office. The second floor features the remaining bedrooms including a main suite with two walk-in closets and an oversized bathroom with a jacuzzi tub. Construction is expected to last 8 months, at which time the borrower will list the property for final sale.

Millstone Hard Money Lender
NJ New Construction Lender