Investor · North Bergen, NJ · Member since 2015 · 36 posts · 6 votes
Good Morning everyone,
I wanted to ask if anyone can recommend a solid hard money lender in New Jersey (North Jersey to be specific) that they've worked with and have good experience with.
If anyone has a suggestion for a hard money lender that isn't location specific, I'm all ears to that as well.
Thank you as always!
Cost Segregation Expert and Investor · Lakewood, NJ · Member since 2017 · 1k+ posts · 1k+ votes
8y
@Damian LoBasso I have a great HML in NJ, called Arion Lenders. Very easy to work with. They do not require bank statements or tax returns. PM me for more details.
Realtor · NJ · Member since 2019 · 8 posts · 1 vote
7y
Hello,
Im interested in purchasing a multifamily in New Jersey. My plan is to buy and hold for rental income. I was thinking of getting a hard money loan and then refiance fo a conventional mortgage. Can someone explain to me how this works or if its a good idea? Thanks!
Im interested in purchasing a multifamily in New Jersey. My plan is to buy and hold for rental income. I was thinking of getting a hard money loan and then refiance fo a conventional mortgage. Can someone explain to me how this works or if its a good idea? Thanks!
Hey Tiffany
Find the property. Use a HML to purchase the property at around 80-85% ltv depending on your experience level and then after the property is stabilized (renovation complete and the property is rented), refinance it. If it's after 6 months from purchase, you can use a conventional lender (some require 12 months, but that's an overlay, 6 months is the Fannie/Freddie rule). If you're done early, do the math or see if you/the property will qualify and if not then use a portfolio lender that doesn't have a seasoning requirement.
Financial Advisor · Des Moines, IA · Member since 2017 · 173 posts · 58 votes
7y
@Damian LoBasso - There are many HMLs that would lend in this area. But which is best would depend greatly on their particular lending parameters and how you and the deal fit them. Your experience level, FICO score, liquidity, whether you're adding sq ft to the property, how extensive is the rehab, etc. will all factor in to which lender is best for you.