Situation:

Asset Based Lending recently funded a hard money new construction loan in Upper Saddle River New Jersey. The borrower is a repeat borrower and full-time investor & experienced builder. The property was purchased for $718,000 with a construction budget of $1,397,050 and total loan funded at 90% LTC. This property will be a high-end single-family home measured at approximately 12,000 square feet with a finished basement accounting for approximately 3,800 square feet. Home will feature a nanny-quarters, speakeasy bar, four-car garage, and outdoor in-ground pool. Other features include traditional porch, cedar siding, Belmont asphalt roof, and more. Project is expected to sell before construction is completed.