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.