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Jersey City New Jersey New Construction Loan

Address: Jersey City, NJ
Borrower Profile: First-Time Borrower – Experienced Real Estate Investor
Work Description: New Construction – Multifamily 4
Purchase Price: $800,000
Renovation Budget: $1,201,600 (Construction)
Loan Amount: $1,621,000
Cash Available for Purchase: $419,400
Cash Available for Renovation: $1,201,600
Loan Structure: 12 Months Interest Only
Loan Purpose: Land Purchase & Property New Construction
ARV: $2,972,000
Situation:

Asset Based Lending recently funded a new construction loan in Jersey City NJ. The borrower is a first-time borrower and experienced real estate investor. The property was purchased for $800,000 with a construction budget of $1,201,600 and total loan funded at 81% LTC. The proposed build is a four-unit condo with each unit being 3-bedroom, 2-bathroom measured at 1,927 square feet each. Existing property will be torn down for this ground up construction project. The condo will feature high-end finishes, large-format windows, balcony for each unit, white oak floors, 9-foot-high ceilings, and solid core doors. Each kitchen will be highlighted by a high-end modern look with glossy cabinets, quartz countertops, and top tier appliances. Bathrooms will feature glossy wall tile, quartz vanity, LED mirror, and large ceiling showers. Construction is expected to take six months with final sale occurring shortly after project completion.

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