Situation:

Asset Based Lending recently funded a new construction loan in Mahwah New Jersey. The borrower is a first-time borrower and full-time builder & real estate investor. The property was purchased for $830,000 with a construction budget of $550,000 and total loan funded at 74% LTC. The proposed project is for two identical single-family homes while subdividing into a total of 4 lots. Each home will be a 4-bedroom, 3-bathroom measured at 2,808 square feet. They will feature mid-grade finishes with Anderson 200 windows and vinyl siding. Kitchens will feature granite countertops, wooden floors, and crown molding. Construction is expected to take up to six months with final sale occurring within three months of completion.