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Scotch Plains New Jersey New Construction Loan

Address: Scotch Plains, NJ
Borrower Profile: Repeat Borrower — Full-Time Real Estate Investor
Work Description: New Construction — 2 Single-Family Detached Homes
Purchase Price: $400,000
Renovation Budget: $1,100,000 (Construction)
Loan Amount: $1,350,000
Cash Available for Purchase: $250,000
Cash Available for Renovation: $1,100,000 (Construction)
Loan Structure: 12 months interest only
Loan Purpose: Land Purchase & Property New Construction
ARV: $1,900,000
Hard money new construction loan NJ
Hard money loans New Jersey
Situation:

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.

Direct hard money lender NJ
NJ hard money construction loans