Asset Based Lending recently funded a hard money new construction loan in Scotch Plains New Jersey. The borrower is a first-time borrower and full-time real estate investor. The parcel of land was purchased for $610,000 with a construction budget of $1,100,000 with total loan funded at 90% LTC. The proposed build is for two identical single-family homes with 5-bedrooms, 4.5-bathrooms measured at 4,500 square feet each. Construction will include the tearing down of existing home to make room for the proposed builds. Homes will be highlighted by high-level finishes, stone veneer and vinyl façade, 9-foot-high ceilings, crown molding, and hardwood floors. The kitchen will feature an island, quartz countertops, and stainless steel appliances. Bathrooms will feature dual vanities, with the master bathroom having an enclosed glass shower. Construction is expected to take upwards of nine months with final sale occurring shortly after project completion.
