Situation:

Asset Based Lending recently funded a hard money new construction loan in Newark NJ for a first-time borrower with extensive real estate investing experience. The parcel of land was purchased for $100,000 with a construction budget of $251,000 and a total loan funded at nearly 90% LTC. This build will be multi-family property split into two units, with the first unit being a 3-bedroom, 2.5-bathroom and the second unit being a 3-bedroom, 2-bathroom measured at a combined total 2400 square feet. The first-floor unit will be slightly larger and have access to a recreational room. Once all permits are secured, construction will begin and is expected to take approximately six months.