Northern, NJ

AI Capital Lending funded a construction loan on a property in Northern NJ. The $2,000,000 loan is secured by a first mortgage lien on the property and will be dispersed in phases as work is completed and verified. The newly constructed property will be a 13,500-square foot residential building. The loan will be used to construct twelve 2-bedroom residential units in a 3-story building. Our Borrower brought $525,000 into the transaction and their capital will be utilized first. In addition, the borrower put up the land free and clear. The stabilized value upon completion will be $3.753mm, making the loan 53.2% LTV at completion.