Property Purchase Only Funded By NJ Hard Money Lender
Address: Jersey City, NJ
Borrower Profile: Repeat Borrower & Real Estate Broker
Work Description: Purchase Only - Single Family
Purchase Price: $365,000
Renovation Budget: $0
Loan Amount: $328,000
Cash Available for Purchase: $328,000
Cash Available for Renovation: $0
Loan Structure: 12 Months Interest Only
Loan Purpose: Property Purchase Only
ARV: $440,000
Situation:
Asset Based Lending recently funded a hard money loan for the purchase of a single family property in Jersey City, NJ. The borrower is a repeat borrower and experienced real estate broker that met ABL at a local networking event. The property is in fair condition, and the borrower has opted to self-finance the cosmetic renovations. Asset Based Lending was able to finance this hard money loan at 90% of purchase, capped at 75% of the as-is value.
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