Hard Money New Construction Loan in Wayne, NJ
Address: Wayne, NJ
Borrower Profile: Experienced Investor and Builder
Work Description: New Construction - Single Family
Purchase Price: $225,000
Renovation Budget: $235,500
Loan Amount: $368,000
Cash Available for Purchase: $132,000
Cash Available for Renovation: $235,000
Loan Structure: 12 Months Interest Only
Loan Purpose: Land Purchase & New Construction
ARV: $649,000
Situation:
After demolishing the fire-damaged house that sits on this property, these investors will build on the existing foundation to create a high-efficiency smart house worth almost $650,000. With an open floor plan, a built-in pool, and hardwood floors throughout, the finished home will be perfect for a young, modern family. They plan to finish this new construction project in 5 months; since one of the borrowers has built over 115 houses since 1996, we’re sure they can handle the challenge.
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