Asset Based Lending recently funded a purchase and new construction loan in Paramus, New Jersey for a repeat borrower. As a full-time builder, they consistently find valuable opportunities throughout the Jersey area, leveraging their expertise to deliver successful projects. Given the borrower’s proven track record, ABL was able to fund 82% of the project’s total cost for a total loan amount of $1,641,000, with the completed property appraising at $2,525,000.
This single-family home features 3 bedrooms, 3 bathrooms, and two half baths with engineered hardwood flooring throughout, while the ground floor recreational area and bathrooms feature ceramic tile. The custom kitchen will include high-end quartz countertops and backsplashes, complemented by Wolf/Sub-Zero appliances.
Additional interior features will include black aluminum railings, Masonite interior doors, recessed lighting, and a luxurious master bathroom equipped with a soaking tub, shower, and dual vanities for a spa-like experience.
The exterior design will have a stucco finish with stone accents around the garage and entryway, along with Hardi plank and metal panel siding for a modern, stylish look. The home will also be fitted with Andersen 400 casement windows for durability and aesthetic appeal.
In August 2024, the median list price in Paramus, New Jersey was $899,000, but the borrower secured an exceptional deal on this property, with the appraisal coming in well above the median at $1,225,000.
