Situation:

Asset Based Lending recently funded a hard money new construction loan in Manahawkin NJ. The borrower is a first-time borrower and full-time builder. The property was purchased for $390,000 with a construction budget of $325,000 and total loan funded at 78% LTC. The proposed build is a single-family 4-bedroom, 3.5-bathroom measured at 2,735 square feet. The home will feature 9-foot-high ceilings, hardwood floors, walkout garage, and above mid-grade finishes throughout. The property also features private dock that will be updated before project completion. Construction is expected to take approximately four months with finale sale expected one month after.