Asset Based Lending recently funded a hard money new construction loan in Jersey City, NJ. The borrower is a repeat borrower and experienced real estate investor. The property was purchased for $525,000 with a construction budget of $450,000 with total loan funded at 81% LTC. Due to the borrower’s existing relationship with ABL from previous loans and their high level of experience with similar construction projects, ABL felt comfortable offering a 18-month bridge loan instead of the typical 12-month. The existing structure will be demolished and the borrower will build a two-unit condo, with the first unit being 3-bedroom, 3-bathroom measured at 1,700 square feet and the second unit being 3-bedroom, 2-bathroom measured at 1,225 square feet. Units will feature high-end finishes, modern brick-and-glass facade, EPDM roof, large-format windows, and 10-foot-high ceilings. Other highlights will include hardwood floors, solid core doors and square crown moldings. The kitchens will have modern dark cabinets, quartz countertops and island, custom backsplash, and high-end appliances. Bathrooms will feature quartz vanities, glass enclosures, and wall tiles. Construction is expected to take between 8 and 10 months with final sale occurring shortly after completion.
