Hard Money Lenders Hoboken

Hard Money Lender in Hoboken, NJ

Rates Starting at 10%

As a New Jersey hard money lender, West Forest Capital finances real estate investments up to $3 million. Hoboken investors trust us as the fastest hard money lender in the area because we recognize the urgency involved in Hoboken’s fast-moving real estate market. Our ability to provide quick and dependable financing makes us stand out among hard money lenders in New Jersey.
  • We are a direct lender, not a broker
  • Same day pre-approval
  • Funding in 3-5 days, although 1 day is possible
  • Loan amounts up to $5 million

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(Investment Properties Only)

The Trust We've Earned

Enrique GomezEnrique Gomez
12:41 11 Sep 22
Have been working with West Forest for several years now. Great thing is once they give the green light we start working on closing. We closed a deal once in 2 weeks between Christmas and New Years. Client called me, had to close by the end of the year. I was away with my family, we did everything online and when I got back, there was a check waiting for me.
Jennifer NolascoJennifer Nolasco
14:16 09 Feb 22
West Forest Capital was great to work with. Quick cash and quick closing. Thank you. Looking forward to working w you again!
Uriel SychevUriel Sychev
15:33 18 Dec 21
West Forest Capital is a very good hard money lender to work with and they understand local markets really well!
E SE S
19:29 08 Nov 21
THE BEST!!!! COMMUNICATIVE FROM BEGINNING TO ENDAFFORDABLE COMPETITIVE RATES HIGHLY RECOMMIND ESPECIIALY IF YOU ARE DOING HARD MONEY LOAN DEALS THANKS! JOAQUIM
Melanie ShienbaumMelanie Shienbaum
19:54 18 Oct 21
A KA K
13:03 16 Jul 21
I usually don't leave reviews, but they deserve a shout out. Really an A+ lender as user friendly as it gets.
Geven KhlgatianGeven Khlgatian
11:31 16 Jun 21
If you're a serious real estate investor you probably learned a long time ago to skip the banks and go directly to hard money lenders. So much easier. Well among hard money lenders, one definitely stands out to me, and its West Forest Capital. Very knowledgeable and easy, what more can you ask for. I've known them for many years, and they are always, and I mean always, my number one call.
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Property Types

Lending Parameters

Loan Size$100,000 to $5,000,000
LTCUp to 80% of purchase price
Rehab Funding100%
LTVUp to 70% of the ARV
TermStandard is 12 months. 24-36 months is available
LienFirst lien; second lien as additional collateral only
Interest Rate10%–12.5%
Points1.5–2% of the loan amount

Counties Covered

West Forest Capital lends in the following counties in New Jersey:

  • Hudson County
  • Bergen County
  • Passaic County
  • Essex County
  • Morris County
  • Sussex County
  • Warren County
  • Union County
  • Somerset County
  • Middlesex County
  • Hunterdon County
  • Mercer County
  • Monmouth County
  • Burlington County
  • Ocean County
  • Atlantic County
  • Cape May County

Read more about getting a hard money loan in the following areas:

Northern NJCentral NJ,  Jersey Shore

Hard Money Loans in New Jersey - Areas We Serve

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Jersey City, NJ

Newark
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Why Use a Hard Money Loan

  • If you need funding fast. Unlike traditional banks that may require several months to review and approve your loan, West Forest Capital offers the advantage of same day approval for hard money loans. We can complete funding in as little as 3 to 5 days, and for urgent circumstances, we are capable of funding your loan within 24 hours.
  • If the property isn’t stabilized. Banks typically decline loans for properties that are in need of repairs, missing Certificates of Occupancy, or lack consistent rental income records. West Forest Capital specializes in funding these properties through hard money loans, providing solutions when conventional financing options are unavailable.
  • If you have poor credit. Understanding that credit challenges happen, West Forest Capital prioritizes the appraised value of the property over your personal credit score or income ratios, enabling us to approve loans for borrowers who may not meet traditional credit criteria.
  • If you don’t want to take a loan in your personal name. When banks require borrowers to personally own the property, it can complicate financing if you prefer LLC ownership or have an extensive real estate portfolio. Hard money loans through West Forest Capital allow you to keep your personal finances separate by financing under an LLC or other entity.
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Money Lender

Why Choose A Hoboken, NJ Hard Money Lender

Since our very first loan in New Jersey in 2013, we have been proud to be a local hard money lender serving communities like Hoboken and beyond. We are well-versed in rent regulations that impact Hoboken and surrounding areas such as Elizabeth, Rahway, and Newark. If you need help pulling permits, our experience extends to navigating the process in Jersey City, Union City, and other parts of New Jersey. We understand the local culture and take pride in being a part of the New Jersey real estate community.

Investment Property

Financing Your Hoboken, NJ Investment Property

In Hoboken, New Jersey, the real estate market enjoys the advantage of closeness to key metropolitan areas like New York City and Philadelphia. This location benefits from a vigorous economy, led by industries including manufacturing, transportation, and pharmaceuticals, which contribute to a dynamic property market. Investors find abundant prospects for acquiring and upgrading properties to add significant value. West Forest Capital, a dedicated New Jersey hard money lender, is well-positioned to help you secure the funding needed to thrive in Hoboken’s competitive property landscape.

Asset-backed Lender

Asset-backed Lender Focused on Customized Solutions

Drawing from years of experience in the Hoboken fix and flip market, West Forest Capital specializes in structuring innovative financing solutions that fit your hard money loan needs. Our approach is asset-focused, sometimes allowing us to finance upwards of 100% of the purchase price combined with renovation costs. We also offer the longest hard money loan terms available, up to three years, ideal for investors who plan to hold their properties.

Call us or apply today to learn more.

Frequently Asked Questions: Hard Money Loans Hoboken, NJ

A hard money lender is a non-bank entity that offers loans based largely on the value of the real estate being financed instead of the borrower’s financial profile. Although both banks and hard money lenders provide mortgage financing, their lending standards differ substantially. Hard money lenders prioritize the collateral over the borrower’s creditworthiness. Their loan underwriting process is faster and simpler, often allowing loans to be funded within days or a week, in contrast to the months it can take with traditional banks. This makes hard money lending a preferred method for investors who purchase auctioned foreclosure properties requiring expedited closings. Hard money lenders will also fund loans on properties banks consider too risky, such as those without a Certificate of Occupancy. These loans are ideal for individuals with poor credit or those rebuilding their credit histories. Hard money loans can also be used to refinance or cash out on investment properties, but they are strictly limited to investment real estate, not primary residences.

Because the process of obtaining a hard money loan is much faster and less burdensome than applying for a traditional mortgage through a bank, the interest rates are generally higher. Rates usually fall between 9 and 12 percent, and borrowers should also expect to pay between 1 and 3 points during the closing process. The loan terms usually last either one or two years. Hard money loans are often divided into two parts: one part finances the purchase price, typically covering between 70 and 85 percent of that cost, and the other part finances any necessary rehabilitation work to update the property. Many hard money lenders will cover up to 100 percent of the rehab expenses. If no rehab work is necessary, this second portion is excluded. When rehab is required, funds are typically distributed only after the borrower completes a portion of the work. For example, if the total rehab is $50,000, the borrower might complete $15,000 worth of improvements and then receive $15,000 from the lender. This cycle continues until the rehab is fully funded. Usually, the total loan amount, which includes both purchase and rehab funds, does not surpass 65 percent of the after-repair value, commonly referred to as ARV.

Since hard money loans are treated as commercial loans, lenders provide funding exclusively to LLCs rather than individuals. If you do not already have an LLC, there is no cause for concern because setting one up is quite easy and it can be formed with a single member – yourself.

Hard money lenders evaluate both the purchase price and the after-repair value to confirm the loan’s repayment potential. Buying at or below market value is a key factor in loan approval. For loans that include rehabilitation funds, lenders require that the renovations follow the prescribed schedule. Furthermore, it is essential that the title to the property is free of liens or judgments; these issues must be resolved prior to loan funding for both the property and the borrowing LLC.

The hard money lender’s priority is that the borrower engages in a profitable investment or transaction. In other words, the lender wants you to generate a return on your real estate purchase to ensure repayment of the loan. They verify there is sufficient “spread,” meaning that the after-repair value will cover purchase price, rehab costs, loan interest, closing expenses, and other fees, leaving a healthy profit margin for you as the investor.

A hard money loan is often applied in several real estate investment scenarios:

  • Covering the purchase and renovation expenses of a property that banks will not finance because of its condition or the borrower’s credit profile. After rehab, the property is typically sold to retail buyers in a process known as “fix and flip.”
  • Buying and updating rental properties that traditional lenders avoid funding. Once the rehab is complete, the property can be rented out and deemed “stabilized,” making it eligible for refinancing through traditional channels at lower interest rates.
  • Funding purchases with very tight deadlines which banks cannot meet, such as bidding at foreclosure auctions. Hard money lenders generally close in under a week, whereas banks might take several months to finalize.
  • Extracting quick equity from a property that you already own by using it as collateral in a cash-out refinance.
  • Quickly refinancing an existing mortgage before it matures to prevent penalties or foreclosure.
  • Buying properties under an LLC name. Traditional lenders usually do not lend to LLCs, so hard money lenders provide more flexibility for ownership outside your personal name.

Hard money loans and flip loans share similarities but are distinct. Hard money loans, offered by private lenders such as West Forest Capital, focus on the value of the property and support a broad range of real estate investment projects, regardless of the borrower’s credit history. Flip loans are a category within hard money loans tailored specifically to investors who intend to buy, refurbish, and rapidly resell properties for financial gain. Although all flip loans fall under hard money loans, many hard money loans serve other investment objectives besides flipping.

We Value our Broker Relationships

West Forest Capital is the fastest Hard Money Lender in Hoboken, New Jersey

New Jersey Hard Money Lender

We can fund hard money loans in 3–5 days

If you are looking for a Hoboken, New Jersey hard money lender, give us a call

Submit a loan request

A Hoboken, New Jersey direct lender you can rely on

Interview with our client, Joscan, in New Jersey

Joscan “Jay” Garcia is a realtor and real estate investor.  He joined us for a discussion to dive into his business and strategies.

hard-loan-interview

West Forest Capital: We’re happy to have you on, Jay.  

Jay: Thank you.

West Forest Capital: Could you give us a sense of your background and how you got into real estate? 

Jay: Sure.  So, as far as in the background, my parents were real estate investors in Venezuela, and, I guess that’s how I developed the love for real estate.

I came here and I started about four years ago.  I first tried different other industries and then I came into real estate, and I liked it. I fell in love with how you can just easily grow if you’re dedicated and create the right partnerships.

West Forest Capital: Awesome. And do you also work as a realtor?

Jay: Yeah, I do. I have my license.  So I do both depending on the circumstances: I could either help my clients list the property and get top dollar, or I could always go for the cash offer and buy it myself. I also help people who are facing foreclosure or if they are at risk of losing their house or have any issues with a bank.

West Forest Capital: Yeah, it makes sense. So in terms of your own real estate investments, can you tell us what you focus on and what your strategy is? Is it fix and flip? Is it buy and hold?

Jay: So actually I’ve, I’ve done all of those that you just mentioned.  I started with you guys on a fix and hold.  That was my first deal.

I fixed the property up, and now it’s one of my rentals.  I also flipped a few homes in Morris County. I try to do a little bit of everything, to be flexible and be able to cover different, different aspects of the business.  

West Forest Capital: So what areas do you operate in? You mentioned Morris County as one, do you operate in others as well?

Jay: Yeah, Morris County mostly. My main areas in addition to that are, Middlesex, Essex and Union. Central Jersey is where I do most of my business.

West Forest Capital: Right. It makes sense. Can we into one of the projects you worked on, maybe go more into the specifics there.  We helped you out most recently with 933 Chancellor in Irvington, NJ.  Maybe we can talk about that one.

Jay: So I’m actually very grateful that you guys were able to help me.  Before you guys came into the picture, I was talking to another hard money guy and he hadn’t been able to close.  It was getting to be 30-45 days and it was getting close to the expiration date of the short sale, and the guy wouldn’t give me a straight answer. 

So one of the things I like about West Forest Capital is that you guys were straightforward from the get go.

You told me what to expect. What terms to expect and essentially told me everything straight up upfront and you guys delivered in a matter of six, seven days. And that was like, a huge, huge deal for me because I really needed to close on that property.  

It was very smooth working with you guys, very easy.  I never had any problem getting rehab funding or anything like that.

You guys were very, very, very flexible and you understand the business. So, I felt really comfortable working with you guys. 

West Forest Capital: Excellent, thanks very much! We’re very happy to hear that feedback of course.  

So can you talk a little bit about the actual property and your strategy?  

Jay: So when I bought it, he had been vacant for about seven years.  It was a foreclosure home essentially. 

West Forest Capital: So it was a single family home?  

Jay: Actually, a two family with a bonus with the basement.

So I had to come in and gut out the basement and most of the first and second floor.  That was something I was expecting when I got into the deal.  I put in new flooring everywhere, new kitchens.  I got rid of the old heating and cooling system and I put in a new central AC and central heat, and essentially renovated the entire property.

It took me about six or seven months.  I was hoping to do it in two months, but that definitely didn’t happen as my contractor delayed things a bit [laughs].  I also had some issues with the gas company because the property had been vacant for so long – had to get some permits and pressure tests, things like that.

Image provided for illustration purposes

West Forest Capital: So as you think ahead, like what type of projects do you want to work on? Where do you see your investment strategy going? 

Jay: Well, I like to stick with what I know – so dealing with foreclousres and focusing on buy and hold.  My thing is mostly buy and hold.  

So for example, the deal I did with West Forest Capital’s help, I bought the property and fixed it up.  After I fixed it up, I refinanced it and took all of my money out.  I like deals like that and those are the deals I seek.

West Forest Capital: That is very impressive.  And equally impressive is how you understand the whole process, how to pull all of your equity out, etc.

So, how many properties do you own right now?

Jay: Right now I own 4 properties.  

One of them was actually originally a wholesale deal that I bought to fix and flip but I decided to wholesale it.  After I bought it, I said wait and second, I’ve never done a wholesale before, let me try that out.  And I kind of did the math, and I realized I would make almost the same as if I fixed it up [and flipped it], so I hold 4 properties but one of them I am about to dispose of. 

West Forest Capital: Got it. 

Turning our attention to the brokerage side of your business, could you talk about what kind of deals you help your clients with? Are they mostly investors or looking for their primary residence?

Jay: I have a mix.  I have investors, and I also help a lot of people facing foreclosure. 

One of my best or most successful stories was a couple.  I sold their home as a short sale two years ago. And a couple of months ago, it was the two year anniversary of the short sale, and we were able to close on a $830,000 house Cranford, NJ.

When I met them, their finances were horrible! I mean, they were losing their house and everything; two years later they were able to buy their dream home in Cranford! 

So, you know, things like that, it’s normally what I do. I help a lot of people with foreclosures.

I also help people with listing their homes [for sale] – mostly I deal with listings, I have a lot of listings coming up, and a few retail home buyers that I also work with.

West Forest Capital: That’s very impressive.  Particularly as it comes to that couple, because it sounds like you weren’t just able to help them on the real estate side, which obviously you did, but almost from an overall finances perspective, right?

Jay: Yeah. So they tried to work things out with different attorneys and other realtors before I worked with them.  Nothing seemed to work out.

After I started workin with them, we got the bank to pay $20,000 in IRS liens and back taxes that they had, and the bank still paid them $10,000 just to do the short sale.  

We were really able to help them.  I connected them with a credit repair guy. They followed my advice – that’s what’s special about them – they followed my advice and then two years later we were able to close on their dream home! 

West Forest Capital: That is terrific! 

Jay: One other thing I wanted to mention was how great it has been to refer business to you guys.

I deal with quite a few investors and was helping one of them recently.  

I had a deal that was about to expire.  I contacted you guys over the weekend. 

You guys were able to put the deal together and fund that deal on Monday.  That was mind blowing! You closed a deal in 3 days and on top of that you paid me a referral fee, so I am grateful for that.

One thing I like about you guys is that you deliver.  It’s not like some other lenders, when they say “oh I can get you a lower rate, or lower down payment” but then when it comes time to close, they blame their underwriter for not being able to deliver. You guys are straightforward to the point and you guys deliver, which is awesome.

West Forest Capital: Thank you! We love that positive feedback!  

How can people get in touch with you?

Jay: Sure, so my email is jocsan.garcia@exprealty.com or call me 732-668-0770.  Or google my name! Jocsan Garcia.

West Forest Capital: Thanks for taking some time to chat with us today. We look forward to partnering with you in the future. 

Jay: Thank you.  It’s been my pleasure.

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