Fix/Flip Refinance on New Jersey Property
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.