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 $815,000 with a construction budget of $1,330,000 and total loan funded at 85% LTC. Due to the scope of work needed for this project, ABL granted a 24-month loan instead of the typical 12-month loan. The property is a mixed use building with a dentist office on the first floor and five additional floors zoned for residential use measured at a total of approximately 8,000 square feet. There will be six residential units total, with four 1-bedroom, 1-bathrooms and two 3-bedroom, 3-bathroom penthouses. Highlights will include high-end finishes, brick facade, large format windows, hardwood floors throughout, laundry in-unit, and shared roof deck. Kitchens will receive high-end General Electric appliances, quartz countertops, and marble backsplash. Bathrooms will receive Mowen fixtures, quartz counters, and unique wall tiling. Construction is expected to take over 12 months with final sales occurring as the project is completed.
