Hard money loans can be the ideal financing solution for anyone looking to receive financing for a property that they will be holding onto for a limited period of time. To qualify for a hard money loan in New Jersey, there are a few key elements to consider:
The property should be in an area with comparable homes and can be valued/appraised. Most homes in NJ are in areas that fit this qualification requirement.
Some hard money lenders have minimum loan amounts of $75,000 or $100,000. This varies among lenders.
The investment should provide a good return to the real estate investor. At West Forest Capital, we want the investor to turn a profit on the deals we fund.
A reputable title company needs to be selected. Our team at West Forest Capital can make recommendations.
Experience with the NJ real estate market is a plus. This can include familiarity with the area and neighborhoods.
Working with an experienced contractor is important. Specifically, one that has experience with various building codes and local regulations if there is a rehab required.
We do not have a FICO minimum but prefer over 600. If the score is below that, credit history in NJ is preferable.
Get Your Hard Money Loan with West Forest Capital
There’s never been a better time to apply for a hard money loan in New Jersey. West Forest Capital provides funds to real estate investors and others looking to finance non-owner-occupied real estate. We fund property types which include:
- Apartments
- Single-family
- Multi-family
- Commercial
- Industrial
- Land
We provide rehab funds, or full construction costs, as needed. We also provide fast closings, almost always less than 10 days, and often as quick as 3 to 5 days. We’ve even previously closed a brand new loan in one day! We lend in New Jersey, New York, Connecticut, Massachusetts, Pennsylvania, and Florida.
