Can anyone in NJ recommend a lender they have used to finance a renovation mortgage?
Looking to try to get a loan for a home purchase + renovation costs. Hopefully 75%+ LTV on the home purchase and renovation (up to a certain cap for reno).
All recommendations are appreciated.
My first flip, I put down 13% on the purchase price but paid completely out of pocket for the renovation, which was tough to do. Moving forward, I want to get at least a portion of the renovation financed so less cash out of my pocket.
Is this for an investment or primary? My guess is investment and you'll probably have to look for a lender that will do Fannie Home style on investment. FHA 203k is usually primary residence only
@Joe Impagliazzo I should have clarified; investment property.
You will probably have to use hard money, most banks do not like flips. They will be looking for you to put up about 25% of the project.
Most of the banks that will work with you are going to be small local banks. If you have a deal or a synopsis of your last deal try calling and speaking with lending department, run them through the deal and see if they have any interest. If you get no yeses start calling local hard money and explain what your looking for.
If you have no luck you can PM me and I can give you a broker who might be able to help, but I am in north NJ so not sure if his network can help you all the way in Cherry Hill area
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