Asset Based Lending recently funded a hard money new construction loan in Paramus New Jersey. The borrower is a first-time borrower and full-time real estate investor. The property was purchased for $700,000 with a construction budget of $960,000 and total loan funded at 94%. The existing home will be torn down and the proposed build is for a single-family 7-bedroom, 7-bathroom measured at 7,200 square feet which includes a finished basement. Due to the scope of the project and the borrower’s high experience level, ABL granted him a 15-month loan instead of the typical 12-month loan terms. This new construction project will be a high-end luxury home that features a stucco & stone façade, Pela windows, tray and coffered ceilings throughout, and LED lighting. Kitchen will be open-concept with quartz countertops, center island, high-end appliances, and shaker cabinets with crown moldings. Bathrooms will feature mix of tubs and showers with large porcelain tiles on floors and walls, with the master bathroom including a shower with separate tub. The finished basement will be highlighted by a movie room, gym, full bathroom and guest bedroom. Construction is expected to take 12 months with sale likely occurring before the project is fully completed.
