New Jersey Banks to Fund Flips?

Question

Hello,

I was wondering if anyone was working with a small bank and/or credit union in NJ to fund their flips (alternative to Hard Money). I am thinking something along the lines of a business line of credit and/or construction loan?

Please let me know if you have a name/bank you could share and your experience. I generally knock down the homes and rebuild so need a bank that can fund something like this as I look to expand.

Thanks!

Eric Goldman · Answer

most banks will give you purchase money. if you are planning on house hacking it different story. Hard money.. or fix and flip. or purchase and rehab money is really short term money. normally 12months but can be up to 24 or 36 in some cases.

Vaughn Smith · Answer

@Ben C. Hard money or non traditional lenders like Finance of America (good rates and programs, but service level sucks). Im also not investing in residential properties anymore the returns are too low mainly commercial now the loans are different all together but the bank will lend you money to finance properties under 5 units

Ben C. · Answer

@Vaughn Smith done that before but the points and high rates suck. Figured after got a few larger scale projects under my belt better options out there. What do you utilize for funding?

Vaughn Smith · Answer

@Ben C. What type of terms are you looking for? Have you considered hard money?