Newark NJ Hard Money Loan For New Construction
Address: Newark, NJ
Borrower Profile: Experienced Builder
Purchase Price: $100,000
Renovation Budget: $257,000 (Construction)
Loan Amount: $257,000
Cash Available for Purchase: $0
Cash Available for Renovation: $257,000 (Construction)
Loan Structure: 12 Months Interest Only
Loan Purpose: New Construction Only
ARV: $472,000
Situation:
Asset Based Lending recently funded a hard money new construction loan for the development of a two-family property in the Ironbound section of Newark, NJ. The experienced builder and investor purchased the lot at a sheriff’s sale, and plans to keep the completed multi-family property for rental income.
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