looking for hard money in NJ

5 Replies

Hi!

I am an investor flipping bank owned houses (usually SFR) in northern NJ. I have plenty of great deals and contractors. Need HML that will finance 100% of projects, generally up to 70% of ARV. I expect to start 1 project per month. Any leads would be appreciated!

Thanks!

Good luck with that. These days HMLs expect you to have some of your own cash in the deal. Even if you do find one that will go 100% of ARV-repairs, they will want you to have sufficient reserves. If you are trying to make this happen with no cash of your own you are going to have a very difficult time.

:cool:

Yasha, I am a hard money mortgage broker. There is a way to receive 100% funding for your projects. You will need to give additional cross collateral, anywhere from 30% - 100% of the loan you are seeking. Please contact me for details.

Hello:
My experience in the current market is that there are definitely hard money lenders who meet your specifications, you just simply have to search them out.

There are not very many people who will do it. Those who may finance such a risky deal will charge handsomely.
Ideally you should tie the property in a contract and only then approached the lenders. The catch is that you may need to show the cash in hand to enter a contract.
Most investors will need to see in advance : 1. specific property address 2. A contract 3. Projection and exist plan in addition to normal application etc. in order to consider this type of financing.

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