Situation:

Asset Based Lending recently funded a hard money new construction loan in Summit New Jersey. The borrower is a repeat borrower and highly experienced real estate investor, so was granted an 18-mont term instead of our typical 12-month loan program. The property was purchased for $940,000 with a construction budget of $888,950 and total loan funded at nearly 85% LTC. The current property will be demolished, and the new build will be a 6-bedroom, 5-bathroom single-family house measured at 4,600 square feet. This luxury house will be highlighted by 10-foot-high ceilings, white oak floors, custom moldings throughout, and more. Kitchen will feature white shaker cabinets, quartz countertops and backsplash, and high-end appliances. Baths will feature tile or porcelain tiles, frameless glass doors, and makeup counter in master bath. Construction is expected to take twelve months, with final sale occurring within three months after completion.