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Paramus New Jersey New Construction Loan

Address: Paramus, NJ
Borrower Profile: First-Time Borrower — Full-Time Real Estate Investor
Work Description: New Construction — Luxury Single-Family
Purchase Price: $700,000
Renovation Budget: $960,000 (Construction)
Loan Amount: $1,563,000
Cash Available for Purchase: $603,000
Cash Available for Renovation: $960,000 (Construction)
Loan Structure: 15 months interest only
Loan Purpose: Land Purchase & Property New Construction
ARV: $2,265,000
Paramus NJ new construction loan
Hard money lender NJ
Situation:

Asset Based Lending recently funded a hard money new construction loan in Paramus New Jersey. The borrower is a first-time borrower and full-time real estate investor. The property was purchased for $700,000 with a construction budget of $960,000 and total loan funded at 94%. The existing home will be torn down and the proposed build is for a single-family 7-bedroom, 7-bathroom measured at 7,200 square feet which includes a finished basement. Due to the scope of the project and the borrower’s high experience level, ABL granted him a 15-month loan instead of the typical 12-month loan terms. This new construction project will be a high-end luxury home that features a stucco & stone façade, Pela windows, tray and coffered ceilings throughout, and LED lighting. Kitchen will be open-concept with quartz countertops, center island, high-end appliances, and shaker cabinets with crown moldings. Bathrooms will feature mix of tubs and showers with large porcelain tiles on floors and walls, with the master bathroom including a shower with separate tub. The finished basement will be highlighted by a movie room, gym, full bathroom and guest bedroom. Construction is expected to take 12 months with sale likely occurring before the project is fully completed.

New construction loans NJ
New Jersey hard money lender for new construction