Jersey City New Jersey Condo New Construction Loan
Address: Jersey City, NJ
Borrower Profile: Repeat Borrower — Full-Time Real Estate Investor
Work Description: New Construction — 3-Unit Condo
Purchase Price: $770,000
Renovation Budget: $865,200 (Construction)
Loan Amount: $1,389,000
Cash Available for Purchase: $523,800
Cash Available for Renovation: $865,200 (Construction)
Loan Structure: 12 months interest only
Loan Purpose: Land Purchase & Property New Construction
ARV: $2,299,000
Situation:
Asset Based Lending recently funded a hard money new construction loan in Jersey City NJ. The borrower is a repeat borrower and full-time real estate investor. The proposed build is for a three-unit condo with one unit being 3-bedroom, 2-bathroom at 1,560 square feet and the other two units being 4-bedroom, 3-bathroom at 2,210 square feet each. Property will be highlighted by high-end finishes, mix of vinyl and stone façade, rooftop balcony, Anderson 400 windows, nine-foot-high ceilings, white oak hardwood floors, and hollow core doors. Kitchen will feature quartz countertops, connected four-person island, and Samsung appliances. Construction is expected to take 10 months with final sale occurring shortly after completion.
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