Fix/Flip Refinance on New Jersey Property

7 Replies

I am looking to obtain financing for a fix and flip property in NJ and would appreciate any recommendations.  I purchased the property for cash as well as about 75% of the rehab.  We have about 2 weeks to go before the property is ready to be listed for sale.  I would like to obtain financing on this property so I can use my original investment on a different property.

I do not want to use conventional financing because it will take too long to close the loan and we anticipate the property to sell very quickly.  The hard money lenders I have contacted are charging almost $5K in fees that are due upfront which is in addition to 10% interest. These fees seem too high for a loan that should be repaid within 60-90 days. 

Thank you in advance for your assistance and recommendations.

@Paul Daniels those are the two methods most often used, but if you do not want to go conventional or hard money, you would either have to go with private financing, or using some personal lines of credit you may have. Have you applied for any types of microloans or any similar products?


I have been looking into HML for a few projects and I am finding about same terms as you 10% 2 points upfront, 1500 acquisition fee...

how much are you looking for dollar wise?



I thought someone would have some hard money lenders with better terms.  I am not familiar with a microloan.  

We also have a business line of credit available with Kabbage that we can use as a last resort.

Don't waste the money on financing it now, just get your money back out of the project and move on to the next when you can, you don't want to get overleveraged if you are new at this and you never know when you might get stuck with a dog. Pay yourself back, roll the profits into the next one. Yes, HMLs will charge origination fees, points, 12% interest. You are lucky you were able to do your project so cheaply by using your own money, you're making more profit on it as a result!

I appreciate the feedback.  I have done a few properties in the area as an investor.  I have also flipped over 100 properties as a contractor  I should of obtained financing from the beginning instead of using all our own funds.