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Hard Money Loan For New Construction And Cash Out In Paterson, NJ

Address: Paterson, NJ
Borrower Profile: First time borrower with previous new construction experience
Work Description: New Construction – Multi-Family 2
Purchase Price: $82,000
Renovation Budget: $257,000
Loan Amount: $270,000
Cash Available for Purchase: $13,000 (Cash Out)
Cash Available for Renovation: $257,000 (Construction)
Loan Structure: 12 Months Interest Only
Loan Purpose: Cash Out and New Construction
ARV: $450,000
Situation:

Asset Based Lending recently funded a hard money new construction loan in Paterson NJ for a first-time borrower with previous new construction experience. The project is a multi-family home being built on land purchased for $82,000 with a construction budget of $257,000 funded at nearly 80% LTC. Each unit will be approximately 1,158 square foot in size and feature three bedrooms and two baths with a total ARV of $450,000. The home will be highlighted by a fully finished basement and attached patio area. Our borrower has chosen an exit strategy of renting and refinancing the property, which we’re happy to help with. ABL proudly offer new construction loans throughout the entire state of New Jersey for experienced builders.

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