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Hard Money New Construction Loan In Jersey City NJ

Address: Jersey City, NJ
Work Description: Demo And Construction
Purchase Price: $360,000
Renovation Budget: $385,000
Loan Amount: $596,000
Cash Available for Purchase: $211,000
Cash Available for Renovation: $385,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Land Purchase & New Construction
ARV: $1,082,000

Situation:

This investor found a cheap investment property in Jersey City and decided it would be more profitable to tear it down and build a new construction modern condominium than to try and renovate the old single-family home. He is cutting no corners when it comes to building a beautiful and modern two-residence property. It should pay off well: we expect the final product to be worth $1,082,000. We can’t wait to see his vision materialize from the ground up!