Situation:

Asset Based Lending recently funded a hard money refinance and construction loan in Jersey City NJ for a first-time borrower but experienced real estate investor. The property was purchased for $132,500 with a construction budget of $1,223,000 and total loan funded at 70% LTC. Once construction is complete, the borrowers will refinance with ABL’s rental loan program to keep the property in their portfolio. The property was formerly a church that received zoning to be a two-family house. The property was later re-zoned for a four-family, which the investor’s former lender could not accommodate, so ABL stepped in to refinance the lien and provide the rest of the construction funds. The property is undergoing a complete gut renovation to the studs in order to complete the transformation into a multi-family 4. The property will be condos divided into three floors, with the two ground floor units being 2-bedrooms, 1-bath measured at 872 and 776 square feet, respectively. The other two units will be duplexes split between two floors featuring 4-bedrooms, 2-baths measured at 1579 and 1728 square feet. All units will include high-end finishes to stand out from the market, highlighted by features like hardwood oak floors, marble baths, and Italian cabinets.