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Updated about 2 years ago on . Most recent reply

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Jack Phillips
  • Wholesaler
  • North Jersey
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Where do I find Hard Money/Private lenders?

Jack Phillips
  • Wholesaler
  • North Jersey
Posted

I'm in NJ and I'm just getting started in RE. I am buying land, going to build the house from scratch and sell it. Basically RE Development. My Dad has been a contractor for 30+ years so thats why I'm going this route. 

My only question is how do I find hard money/private lenders for this sort of thing. It would be a 2-3 month project I'd assume to get everything built and sold. Are there lenders who do this? Where do I find them? Thanks

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Jay Hinrichs
#1 All Forums Contributor
  • Real Estate Consultant
  • Summerlin, NV
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Jay Hinrichs
#1 All Forums Contributor
  • Real Estate Consultant
  • Summerlin, NV
Replied

a new build in 2 to 3 months ?? thats some pretty quick time lines .  Most construction loans are written for 12 months or longer and most new build to sold and closed average closer to 9 months or more.. I would use those figures when you run your pro forma i dont think many lenders are going to buy off on a 2 to 3 month start to finish.. just sayin.

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