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Cash Out And Construction Loan In Jersey City NJ

Address: Jersey City, NJ
Borrower Profile: Experienced Investors
Work Description: New Construction - Two Family
Purchase Price: $196,000
Renovation Budget: $250,000 (Construction)
Loan Amount: $356,000
Cash Available for Purchase: $106,000 (Cash Out)
Cash Available for Renovation: $250,000 (Construction)
Loan Structure: 12 Months Interest Only
Loan Purpose: Cash Out And New Construction
ARV: $725,000
Situation:

Asset Based Lending recently funded a cash out and new construction loan for a team of investors that recently purchased this Multi-Family 2 at county auction. The experienced team of investors owns several rental properties, and intends to use ABL’s rental loan program to keep this property for rental income. The finished property will be a 2700 sqft 2 family. Each unit will be a 3 bed/2 bath apartment with above average quality finishes, central air in each unit, high end glass tiles, engineered hardwood floors throughout, as well as a private driveway and backyard.

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