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Hard Money Loan For New Construction In Jersey City NJ

Address: Jersey City, NJ
Borrower Profile: Repeat borrower and experienced developer
Work Description: New Construction - 2 Condos
Purchase Price: $495,000
Renovation Budget: $475,000 (Construction)
Loan Amount: $776,000
Cash Available for Purchase: $301,000
Cash Available for Renovation: $475,000 (Construction)
Loan Structure: 12 Months Interest Only
Loan Purpose: Land Purchase And New Construction
ARV: $1,437,000
Situation:

Asset Based Lending recently funded a hard money loan for new construction in Jersey City NJ for a repeat borrower and experienced real estate investor. The project will feature the construction of a high-end two-unit condo on property purchased for $495,000 with a construction budget of $475,000 funded at 80% LTC. These single-family units will be 1500 sq foot and have 3-bedroom, 2 baths with a two-car garage attached to the condo. The condo is being built on a corner property and the units will feature 9-foot high ceilings and high-end finishes, with the first unit having direct yard access and the second unit having roof deck access. Our borrower imports materials himself and has experience providing quality materials for his real estate investments. Asset Based Lending is dedicated to helping experienced real estate investors reach their financial goals with reliable hard money loans for new construction in New Jersey.

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