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Newark NJ Hard Money New Construction Loan

Address: Newark, NJ
Borrower Profile: First Time Borrower, Experienced Investor
Work Description: New Construction - Multi Family 2
Purchase Price: $100,000
Renovation Budget: $251,000 (Construction)
Loan Amount: $315,000
Cash Available for Purchase: $64,000
Cash Available for Renovation: $251,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Land Purchase And New Construction
ARV: $540,000

Asset Based Lending recently funded a hard money new construction loan in Newark NJ for a first-time borrower with extensive real estate investing experience. The parcel of land was purchased for $100,000 with a construction budget of $251,000 and a total loan funded at nearly 90% LTC. This build will be multi-family property split into two units, with the first unit being a 3-bedroom, 2.5-bathroom and the second unit being a 3-bedroom, 2-bathroom measured at a combined total 2400 square feet. The first-floor unit will be slightly larger and have access to a recreational room. Once all permits are secured, construction will begin and is expected to take approximately six months.

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