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Upper Saddle River New Jersey Hard Money New Construction Loan

Address: Upper Saddle River, NJ
Borrower Profile: Repeat Borrower & Experienced Builder
Work Description: New Construction – Single-Family
Purchase Price: $718,000
Renovation Budget: $1,397,050 (Construction)
Loan Amount: $1,899,000
Cash Available for Purchase: $501,950
Cash Available for Renovation: $1,397,050 (Construction)
Loan Structure: 12 Months Interest Only
Loan Purpose: Cash Out And New Construction
ARV: $3,300,000
Situation:

Asset Based Lending recently funded a hard money new construction loan in Upper Saddle River New Jersey. The borrower is a repeat borrower and full-time investor & experienced builder. The property was purchased for $718,000 with a construction budget of $1,397,050 and total loan funded at 90% LTC. This property will be a high-end single-family home measured at approximately 12,000 square feet with a finished basement accounting for approximately 3,800 square feet. Home will feature a nanny-quarters, speakeasy bar, four-car garage, and outdoor in-ground pool. Other features include traditional porch, cedar siding, Belmont asphalt roof, and more. Project is expected to sell before construction is completed.

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