201-942-9089 info@abl1.net

Paramus New Jersey Hard Money New Construction Loan

Address: Paramus, New Jersey
Borrower Profile: Repeat Borrower — Real Estate Developer
Work Description: New Construction — Single Family Detached
Purchase Price: $710,000
Renovation Budget: $1,150,000 (Construction)
Loan Amount: $1,515,000
Cash Available for Purchase: $365,000
Cash Available for Renovation: $1,150,000 (Construction)
Loan Structure: 18 months interest only
Loan Purpose: Land Purchase & Property New Construction
ARV: $2,500,000
Situation:

­­Asset Based Lending recently funded a land purchase new construction loan for a repeat borrower and experienced real estate developer in Paramus New Jersey. This real estate investor has completed 10 deals with ABL in the last 3 years, making them a great borrower. The scope of work for this deal includes constructing a 2-story single-family home with a finished basement and 2-car garage. The first floor opens into a 2-story foyer with the living room on the left and dining room on the right. The guest bedroom is situated at the back of the house and features its own bathroom, as well as a powder room accessible from the main hall. The kitchen features custom cabinetry, quartz countertops, and high-end appliances. This borrower is using engineered hardwood throughout the entire home. The second-floor features three bedrooms as well as the main suite. Each bathroom has an en suite bathroom and the main bedroom has an oversized walk-in closed and luxury bathroom. The finished basement adds extra living space and will feature an in-home theater and gym. This borrower expects to complete construction in 9-12 months, at which time they will list the property for final sale.