Asset Based Lending funded a hard money new construction loan in Scotch Plains NJ for a repeat borrower and full-time real estate investor. The borrower specializes in new construction projects and has worked with Asset Based Lending on multiple deals. The proposed property was a 5-bedroom, 4.5-bathroom single-family home measured at 2,650 square feet. The initial property had been heavily damaged from a tree falling on it, so the borrower purchased the property and finished demolition to make room for the proposed build. The property was purchased for $365,000 with a construction budget of $341,000 with total loan funded at 84% LTC and had an estimated construction time of six months.

Project was finished on time and the final product was a beautiful single-family home that sold for $999,999, which is nearly $70,000 above the estimated ARV! The home consists of three floors including versatile room options such as rec room, powder room, and private office. Property is highlighted by luxury finishes that makes the home stand out as an exceptional piece of real estate for the New Jersey area. The borrower will continue to work with Asset Based Lending for all of their future deals, including new construction as well as fix and flip loans.