Property Purchase Only Funded By NJ Hard Money Lender

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Address: Jersey City, NJ

Borrower Profile: Repeat Borrower & Real Estate Broker

Work Description: Purchase Only - Single Family

Purchase Price: $365,000

Renovation Budget: $0

Loan Amount: $328,000

Cash Available for Purchase: $328,000

Cash Available for Renovation: $0

Loan Structure: 12 Months Interest Only

Loan Purpose: Property Purchase Only

ARV: $440,000

Situation:

Asset Based Lending recently funded a hard money loan for the purchase of a single family property in Jersey City, NJ. The borrower is a repeat borrower and experienced real estate broker that met ABL at a local networking event. The property is in fair condition, and the borrower has opted to self-finance the cosmetic renovations. Asset Based Lending was able to finance this hard money loan at 90% of purchase, capped at 75% of the as-is value.