201-942-9089 info@abl1.net

Jersey City New Jersey Cash Out Refinance

Address: Jersey City, NJ
Borrower Profile: Repeat Borrower — Experienced Real Estate Investor
Work Description: Property Conversion — Multifamily to Single Family
Purchase Price: $1,900,000
Renovation Budget: $150,000
Loan Amount: $1,450,000
Cash Available for Purchase: $1,300,000
Cash Available for Renovation: $150,000
Loan Structure: 24 months interest only
Loan Purpose: Cash Out Only
ARV: $2,890,000
Cash out loan Jersey City NJ
Hard money lender Jersey City NJ

Asset Based Lending recently funded a hard money cash out refinance in Jersey City New Jersey. The borrower is an experienced investor and a repeat borrower with ABL. The property was a 4-unit multifamily that is being converted into a single family with 8-bedrooms, 6-bathrooms The borrower has completed a similar property conversion in Jersey City that was successfully sold for millions of dollars and is looking to repeat the process here. This property conversion includes the addition of an outdoor inground pool, new windows, new façade, and much more. Due to the extensive work that still needs to be done and the time it will take to recoup the costs, ABL granted this borrower a 24-month loan instead of the typical 12-month term. By using ABL’s cash out financing to recapitalize themselves, they’re able to complete this current project while continuing to shop for their next real estate investment property.

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