Private Money Lenders Jersey City
Rates Starting at 10%
Introducing West Forest Capital, the top Private Money lender. With a focus on real estate investments, we provide financing of up to $5 million. Our reputation as the fastest lender in the state is well-deserved, as we understand the time sensitivity of the competitive real estate market. Here’s what sets us apart:
- We are a direct lender, cutting out the middleman for a more efficient process.
- Enjoy same-day pre-approval, allowing you to move forward with confidence.
- Our funding time is typically 3-12 days, but in some cases, we can even fund within 24 hours.
- Access loan amounts of up to $5 million.
Property Types
- Multi-family
- Single-family Investment Properties
- Condominiums
- Apartments
- Co-ops
- Retail
- Small Office Buildings
- Industrial & Warehouse
- Duplex
- Triplex
- Quadplex
- Mixed-Use
Lending Parameters
| Loan Size | $100,000 to $5,000,000 |
| LTC | Up to 80% of purchase price |
| Rehab Funding | 100% |
| LTV | Up to 70% of the ARV |
| Term | Standard is 12 months. 24-36 months is available |
| Lien | First lien; second lien as additional collateral only |
| Interest Rate | 10%–12.5% |
| Points | 1.5–2% of the loan amount |
Counties Covered
West Forest Capital provides lending services in these counties:
- 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
Recently Funded Hard Money Loans in Florida
Palm Beach Gardens , FL
- Location: Palm Beach Gardens, FL
- Purchase Price: $325,000
- Rehab Budget: $65,000
-
Loan Amount: $243,750 at Closing
+ $65,000 Rehab = $308,750 - ARV: $525,000
- Exit Strategy: Sale
- Investor Capital: $81,250
- Equity Created: $135,000
- Investor Return on Capital: 166%
Our client is an experienced investor in the Palm Beach County area and found this off-market home after contacting homeowners in the vicinity of another project. While the home was livable, it was not updated, and needed significant repairs (kitchen, floors, bathrooms, paint, roof, HVAC). Utilizing a Palm Beach County hard money loan in Palm Beach Gardens, our client completed the work and sold the home in a 9 months period, yielding nearly a 200% gain on his original investment.
West Palm Beach, FL
- Location: West Palm Beach, FL
- Purchase Price: $290,000
- Rehab Budget: $30,000
-
Loan Amount: $232,000 at Closing
+ $30,000 Rehab = $262,000 - ARV: $400,000
- Exit Strategy: Rent & Refinance
- Investor Capital: $58,000
- Equity Created: $80,000
- Investor Return on Capital: 138%
This was our client’s first real estate deal. Our client sought to take advantage of the momentum in West Palm Beach’s real estate market and anticipated rent increases in the area. Although this was a new real estate investor, they received 80% of the purchase price and 100% of the rehab costs. As a local Palm Beach hard money lender in West Palm Beach, we were comfortable that our client was buying below market in this building. After doing cosmetic repairs (primarily removing the carpet and updating the kitchen), our client found a great tenant and refinanced into a rental loan.
Boynton Beach, FL
- Location: Boynton Beach, FL
- Purchase Price: $437,500
- Rehab Budget: $55,000
-
Loan Amount: $339,000 at Closing
+ $55,000 Rehab = $394,000 - ARV: $570,000
- Exit Strategy: Sale
- Investor Capital: $98,438
- Equity Created: $87,500
- Investor Return on Capital: 89%
Our client obtained a Palm Beach County hard money loan in Boynton Beach to booster his offer for the property which beat out several other offers with conventional financing. After the needed repairs were completed, the exit strategy was flexible: either a sale or a conventional refinancing once the property was stabilized and rented. Ultimately, our client came across another fix and flip opportunity and elected to sell the rehabbed original property to raise cash for a down payment on the next deal.
Why Use a Private Money Loan
- Get funding fast with West Forest Capital. While banks can take months to review loan applications, we offer same-day Private Money loan approval and funding within 3-12 days. In emergencies, we can even fund in just 1 day!
- Secure financing for unstable properties. Traditional banks often refuse to finance properties that need rehab, lack a Certificate of Occupancy (CO), or have a weak rental history. At West Forest Capital, we specialize in funding these types of properties when banks can’t.
- Overcome poor credit with West Forest Capital. We understand that credit scores can be negatively impacted from time to time. That’s why we prioritize the value of the property instead of FICO scores or debt-to-income ratios when approving loans.
- Avoid personal loans with West Forest Capital. Unlike traditional banks, we don’t require properties to be owned by individuals. Whether you want to own the property in an LLC or have too many properties for a bank to finance personally, a Private Money loan is the perfect option.
Why Choose a Jersey City Private Money Lender?
Financing your Jersey City Investment Property
Discover the flourishing real estate market, where you can enjoy the convenience of being close to major cities like New York City and Philadelphia. With a robust economy driven by industries like pharmaceuticals, life sciences, finance, manufacturing, technology, and transportation, there are endless opportunities for investors to maximize their returns.
To thrive in this competitive market, turn to West Forest Capital, the leading Private Money lender. With our expertise and support, you can navigate the real estate landscape and seize profitable opportunities.
Asset-backed Lender Focused on Customized Solutions
At West Forest Capital, we have expertise in the fix and flip market. We specialize in crafting customized loan solutions to meet your Private Money financing requirements. By assessing the asset’s value, we have even been able to fund loans exceeding 100% of the purchase price and rehab costs in certain cases.
Additionally, we offer the longest Private Money loan term available in the market – a remarkable 3 years. This makes it particularly advantageous for investors looking for buy and hold opportunities.
Reach out to us today by giving us a call or applying for a loan. We are here to assist you!
Frequently Asked Questions
What is a private lender?
Private money lenders are alternative lenders who focus on asset-based loans, separate from traditional banks. Unlike banks, private money lenders prioritize the property being used as collateral rather than the borrower.
Working with a private money lender offers a significantly shorter underwriting process, allowing loans to be funded within a week. This makes them ideal for real estate investors who need to quickly purchase foreclosures at auctions, as the terms of the auction require a fast closing process. Additionally, private money lenders are willing to fund loans on properties that traditional banks might not consider, such as those without a Certificate of Occupancy (CO).
Private money lenders are also a great option for individuals with poor credit or those looking to rebuild their credit. They are not deterred by low FICO scores when approving loans. Furthermore, private money lenders can provide loans for refinancing existing lenders or to access cash from a property.
It is important to understand that private money lenders only offer loans for investment real estate and do not provide mortgages for residential purposes. Remember that you cannot live in a property that has a mortgage from a private money lender.
How do private money lenders differ from banks and credit unions lending for real estate investing, and what are the pros and cons of using their services?
What are the qualifications for a private money loan?
Get funding for your rehab projects with private money loans. No credit score or income requirements. More real estate investors can now access funding. Qualifications for a private money loan include:
- Down Payment: Use a down payment ranging from 20% to 40% based on the property’s Loan-To-Value (LTV) ratio. For instance, purchase a $400K residential property with a 75% LTV ratio, and you’ll need a $100K down payment.
- Appraisal: West Forest Capital will handle this.
- Insurance Policy: West Forest Capital should be the loss payee and additional insured.
- Builder’s Risk Insurance: Required for extensive rehab projects.
- Lender Title Insurance: West Forest Capital as the beneficiary.
- Credit Score: Projects can still be funded with a credit score below 600, although a FICO score of 600+ is preferred.
Can I get pre-approved for a private money loan?
Get pre-approved in no time! Call us at 212-537-5833 or text us at 917-267-9523 for a pre-approval letter today.
What can private money loans be used for?
Private money loans offer various uses, such as:
- Funding the acquisition and renovation of properties that are not eligible for traditional bank financing, either due to your credit or the property’s condition.
- Swiftly refinancing an existing mortgage on a property nearing its maturity date.
- Accessing immediate cash-out refinancing by using a property you already own as collateral.
- Financing real estate transactions that require a quick closing, which traditional banks may not be able to accommodate.
- Acquiring a property under the name of a Limited Liability Company (LLC), as traditional banks often do not provide loans to LLCs. Borrowers interested in owning properties under this structure can opt for a private money loan as an alternative solution.