BD Capital | Jersey City, NJ
486
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Jersey City, NJ

About This Project
  • Acquisition Price: $630,000
  • Construction: $650,000
  • Sale Price: $1,953,329
  • Profit: $413,936
  • Project Return: 27%
  • Notes: BD Capital provided the borrower an 85% loan on acquisition and 100% funding of the construction in order to gut renovate an old four family home into a new modern three unit condo building. During construction the borrower ran into unforeseeable complications and was forced to dig out the basement 2 feet further to complete the duplex unit. BD Capital was able to stay below their 65% ARV and provide additional funding for these complications.  After a year of development the borrower sold all three units above initially projected prices and made a 27% return on project.