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Scotch Plains New Jersey New Construction Hard Money Loan

Address: Scotch Plains, NJ
Borrower Profile: Repeat Borrower & Experienced Builder
Work Description: New Construction – Single-Family
Purchase Price: $310,000
Renovation Budget: $390,000 (Construction)
Loan Amount: $621,000
Cash Available for Purchase: $231,000
Cash Available for Renovation: $390,000 (Construction)
Loan Structure: 12 Months Interest Only
Loan Purpose: Land Purchase And New Construction
ARV: $980,000
Situation:

Asset Based Lending recently funded a new construction hard money loan in Scotch Plains New Jersey. The borrower is a repeat borrower that is an experienced builder and real estate investor. The property was purchased for $310,000 with a construction budget of $390,000 and total loan funded at 89% LTC. The proposed build is a single-family 4-bedroom, 2.5-bathroom measured at 2,700 square feet. Property will be a modern farmhouse and exterior will feature black frame windows, white vinyl siding, and 30-year shingle roof. Interior will be highlighted by 9-foot-high ceilings, white oak floor, simple moldings, and open floor plan. Baths will feature unique tiles and design and one bedroom will be able to easily convert into home office setting. Construction is expected to take six months with final sale occurring within 60 days of project completion.

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