New Construction Hard Money Loan In Watchung NJ

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Address: Watchung, NJ

Borrower Profile: Experienced General Contractor

Work Description: New Construction

Purchase Price: $435,000

Renovation Budget: $400,000

Loan Amount: $400,000

Cash Available for Purchase: $100,000 (Cash Out)

Cash Available for Renovation: $300,000

Loan Structure: 12 Months Interest Only

Loan Purpose: Cash Out And New Construction

ARV: $798,000

Sale Price: $1,189,000

Exterior – Before

Exterior – After

Situation:

This experienced real estate investor found Asset Based Lending through his mortgage broker, and came to us after purchasing the property in cash seeking a hard money loan for cash out and new construction. With a $400,000 total construction budget, this 1,500 sqft single family home is being gutted down to the studs, rebuilt, and expanded for the high-end local demand. The finished property will be a beautiful 4,600 sqft 4 bedroom 3.5 bathroom home with high-end finishes and a finished basement.

Outcome: