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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
NJ Hard money loan for construction
Construction loans in New Jersey

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.

Construction loans in New Jersey
NJ Hard money loans
Hard money lender NJ
Hard money lender for construction in New Jersey