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Jersey City New Jersey Condo New Construction Loan

Address: Jersey City, NJ
Borrower Profile: Repeat Borrower — Full-Time Real Estate Investor
Work Description: New Construction — 3-Unit Condo
Purchase Price: $770,000
Renovation Budget: $865,200 (Construction)
Loan Amount: $1,389,000
Cash Available for Purchase: $523,800
Cash Available for Renovation: $865,200 (Construction)
Loan Structure: 12 months interest only
Loan Purpose: Land Purchase & Property New Construction
ARV: $2,299,000
Jersey City NJ hard money loan
New Jersey new construction loan
Situation:

Asset Based Lending recently funded a hard money new construction loan in Jersey City NJ. The borrower is a repeat borrower and full-time real estate investor. The proposed build is for a three-unit condo with one unit being 3-bedroom, 2-bathroom at 1,560 square feet and the other two units being 4-bedroom, 3-bathroom at 2,210 square feet each. Property will be highlighted by high-end finishes, mix of vinyl and stone façade, rooftop balcony, Anderson 400 windows, nine-foot-high ceilings, white oak hardwood floors, and hollow core doors. Kitchen will feature quartz countertops, connected four-person island, and Samsung appliances. Construction is expected to take 10 months with final sale occurring shortly after completion.

NJ new construction loan
Direct hard money lender Jersey City NJ
Condo new construction loan Jersey City NJ
Condo new construction Jersey City NJ