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 $680,000 with a construction budget of $500,000 for a total loan funded at 93% LTC. The proposed build is for a two-unit condo with the first unit being 3-bedroom, 2.5-bathroom and second unit being 3-bedroom, 2-bathroom measured at a combined 3,000 square feet. Unit one will feature a rec room in the basement and private backyard with patio. Unit two will feature a private roof deck measured at approximately 400 square feet. Existing property will be demolished and be replaced with this new construction property. Property will be highlighted by high end finishes, brick veneer façade, double hung Anderson windows, 10-foot-high ceilings, hardwood floors, and solid wood interior doors. Kitchen will feature quartz countertops and stainless steel appliances, while the bathrooms will feature hanging vanities. Construction is expected to take eight months with final sale occurring shortly after completion.