Fix & Flip in Jersey City, NJ

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.