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Jersey City New Jersey Mixed Use New Construction Loan

Address: Jersey City, NJ
Borrower Profile: First-Time Borrower — Full-Time Real Estate Investor
Work Description: Condo Conversation — Mixed-Use Multifamily
Purchase Price: $815,000
Renovation Budget: $1,330,000
Loan Amount: $1,823,000
Cash Available for Purchase: $493,000
Cash Available for Renovation: $1,330,000
Loan Structure: 24 months interest only
Loan Purpose: Cash Out & New Construction
ARV: $4,070,000
Jersey City mixed use fix and flip loan
NJ mixed use fix and flip loan
Situation:

Asset Based Lending recently funded a hard money new construction loan in Jersey City New Jersey. The borrower is a repeat borrower and full-time real estate investor. The property was purchased for $815,000 with a construction budget of $1,330,000 and total loan funded at 85% LTC.  Due to the scope of work needed for this project, ABL granted a 24-month loan instead of the typical 12-month loan. The property is a mixed use building with a dentist office on the first floor and five additional floors zoned for residential use measured at a total of approximately 8,000 square feet. There will be six residential units total, with four 1-bedroom, 1-bathrooms and two 3-bedroom, 3-bathroom penthouses. Highlights will include high-end finishes, brick facade, large format windows, hardwood floors throughout, laundry in-unit, and shared roof deck. Kitchens will receive high-end General Electric appliances, quartz countertops, and marble backsplash. Bathrooms will receive Mowen fixtures, quartz counters, and unique wall tiling. Construction is expected to take over 12 months with final sales occurring as the project is completed.

Mixed use hard money lender
NJ hard money mixed use loan