Situation:

Asset Based Lending recently funded a new construction hard money loan in Jersey City. The borrower is a first-time borrower that is an experienced builder and investor. The parcel of land was purchased for $650,000 with a construction budget of $495,850 and total loan funded at nearly 89% LTC. The proposed build is a multi-family condominium with one 3-bedroom, 2-bathroom unit and one 3-bedroom, 2.5-bathroom unit measured at 1,340 square feet each. Units will be highlighted by 10-feet high ceilings, hardwood floors, and finished basement with rec room. Kitchens will feature large waterfall island, quartz countertops, high-end appliances, and modern finishes. Bathrooms will feature similar modern finishes including floating vanity and multi-shower system. Estimated build time is eight months, with final sale expected within two months from completion.