New construction in Hudson county NJ

[Damian Seguen]

Hello BP, I have a 2 family property that I own free and clear in North Bergen, NJ. It’s sits on a double lot. I want to look into splitting the 2 parcels and building aanother 2 family next door. Refinancing it, and updating the current 2 family. My goal Is to of course keep them as rentals but how do you pass up a $700k sale on a $300k build. 😁

Does anyone know a ballpark on construction costs in the area, the process for a construction loan, also may need a variance.

I of course am going to look into this process myself and do my research, just looking for some advice from someone who’s been through it before.

Thank you guys!! 🙏🏽

[Tarik Turner]

typically on new construction loans you are looking at a max of 60 to 65% of the ARV not to exceed 90% LTC

Most lenders would like to see an investor with some sort of experience before lending on a new construction

rates will be based on experience