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Union City New Jersey Hard Money New Construction Loan

Address: Union City, New Jersey
Borrower Profile: Repeat Borrower — Experienced Real Estate Developer
Work Description: New Construction — Single Family
Purchase Price: $500,000
Renovation Budget: $800,000 (Construction)
Loan Amount: $1,150,000
Cash Available for Purchase: $350,000
Cash Available for Renovation: $800,000 (Construction)
Loan Structure: 12 months interest only
Loan Purpose: Land Purchase & New Construction
ARV: $1,853,000
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New Construction Loan NJ

­­­­Asset Based Lending recently funded a purchase and new construction loan with a repeat borrower in Union City, New Jersey. The property was purchased for $500,000 with a construction budget of $800,000 and a loan amount of $1,150,000. The lots have been cleared and the landscaping is complete. The homes will feature a modern, high-end finish with vinyl siding around the exterior and a brick front accentuated by Azec panels. The flat roof will include a floating deck design by Versadeck. The front-facing windows will be black Anderson windows, and each floor will boast 9–10-foot ceilings. The floors will be natural oak, and the doors solid core. The kitchens will be equipped with custom cabinets, quartz countertops, and high-end appliances, such as the Signature Bespoke Samsung package, along with an island. Each private bathroom will include a walk-in shower, while shared bathrooms will have tubs; all bathrooms will be fully tiled with glass shower doors. The master suite will feature a walk-in closet, walk-in shower, and dual vanities. Custom trim work and accent walls, along with 5-inch baseboards, will enhance the overall aesthetic. The homes will be serviced by city water and include recessed lighting throughout, and the borrower anticipates the project to be completed in nine months.

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