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New Construction Hard Money Loan In Watchung NJ

Address: Watchung, NJ
Borrower Profile: Experienced General Contractor
Work Description: New Construction
Purchase Price: $435,000
Renovation Budget: $400,000
Loan Amount: $400,000
Cash Available for Purchase: $100,000 (Cash Out)
Cash Available for Renovation: $300,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Cash Out And New Construction
ARV: $798,000
Sale Price: $1,189,000
Situation:

This experienced real estate investor found Asset Based Lending through his mortgage broker, and came to us after purchasing the property in cash seeking a hard money loan for cash out and new construction. With a $400,000 total construction budget, this 1,500 sqft single family home is being gutted down to the studs, rebuilt, and expanded for the high-end local demand. The finished property will be a beautiful 4,600 sqft 4 bedroom 3.5 bathroom home with high-end finishes and a finished basement.

Outcome:

Interior - Before
Interior - After
Hard money lender for new construction in New Jersey
Interior - Before
Hard money cash out and new construction loans
Interior - After
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