NJ new construction loans

New Construction Loans In NJ

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Experienced investors in New Jersey deserve the area’s best hard money lender.

Investing in new construction is a dynamic opportunity that requires a lot of experience. It also calls for specialized funding that meets the demands of your project – on time, every time.

At Asset Based Lending, we offer hard money construction loans for residential and mixed-use investment properties throughout New Jersey to suit a variety of investment plans. If you have a well-developed plan and a project in mind, we can help you get your deals done.

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Success Story: Watchung, NJ New Construction

Purchase: $435,000 Loan Amount: $400,000
Construction: $300,000 Sale Price: $1,189,000

The Premier Lender For NJ New Construction Loans

Experience  Credit Score Minimum Interest Rate Points Advance Rate On Purchase Advance Rate On Construction ARV Property Types Pre-Pay Penalty Extensions  Blanket Loans Loan Size Loan Terms
High 600 8%-9% 0-2 60% Land Value 100% 60% Single Family, Multi Family, Mixed Use No Available Yes $75K to $3M 12 Mo.

 

Closing Speed Closing Speed
A delay in securing funding could mean missing out on an incredible investment opportunity. We’ve closed loans in 48 hours, and average just 10 days.

 
Underwriting Flexibility Underwriting Flexibility
Flexible underwriting criteria allows investors in new construction to secure funding not available to them through other institutions.

 
Competitive Rates Competitive Rates
New construction investments for experienced contractors and borrowers are funded at interest rates of 8%-9% and 0-2 points. Loan amounts range from $75,000 to $3,000,000.

Close In 10 Days Or Less. Rates Start As Low As 8%.

Why You Should Consider Hard Money for Construction

As a New Jersey investor, you have several options for funding for your projects. Not all lenders and loan programs are equal, so it is important to find the best option for you. Hard money loans are a form of short-term funding designed to provide the money you need to quickly purchase the land, build the property, and sell the home or roll into a long term loan.

Hard money lending relies more on an evaluation of your project and real estate experience, instead of traditional underwriting criteria. Investors and contractors should be able to prove that they have the appropriate experience for the deal and enough liquidity to carry out the project according to plan. This distinguishes this type of loan from a conventional loan, for which you need to spend more time proving your personal creditworthiness.

When you apply for a hard money loan for new construction, the process is structured significantly differently. Although you still must establish a few parameters such as the value of the land and your ability to make a down payment, the rest of the approval process is often much quicker. Many investors find hard money loans to be more efficient than other lending options, allowing them to catch a great deal in the nick of time.

The New Construction Loans That NJ Investors Prefer

In order to help you through the loan process, experienced investors partner with Asset Based Lending — a lender that understands what you need and can make it happen quickly. Our loan officers and underwriters have experience in New Jersey’s local markets, which means that they can more accurately confirm and advise on your project details. Investors come back to us each time they need a loan because of our ability to move as fast as they need us to. We can get your deal approved within 24 hours and closed in 10 days or less.

In addition to our quick processing capabilities, our residential and mixed-use investment property construction loans feature the following benefits:

  • Loan sizes ranging from $75,000 to $3 million
  • Competitive interest rates starting at 8% to 9%
  • 100% construction financing
  • Loan terms averaging 12-18 month terms
  • No prepayment penalty
  • Professional draw management

It only takes a short conversation to determine if your project may qualify for one of our loans. If it does, we’ll get started immediately.

The right kind of loan may be the difference between a great project and one that causes you stress. To learn more about our lending process or to prequalify, contact Asset Based Lending today.

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