Asset Based Lending recently funded a hard money new construction loan in Fair Haven New Jersey. The borrower is a repeat borrower and full-time real estate investor. The property was purchased for $1,300,000 with a construction budget of $1,140,000 and total loan funded at 77% LTC. The proposed build is for a single-family 4-bedroom, 3.5-bathroom measured at a total 3,135 square feet. The property will be highlighted by high-level finishes including plank façade with stone accents, Anderson windows, 9-foot-high-ceilings, and hardwood floors throughout. Kitchen will feature granite countertops, solid wood cabinets, and high-end stainless steel appliances. Bathrooms will feature custom tile work and other modern accents. Construction is expected to take six months with final sale occurring shortly after project completion.
