5 Tools That Will Convince Hard Money Lenders NJ To Give You The Money You Need
- Proof of ownership – No lender will finance your rehab project if you do not prove that you are the owner of the property you are investing in.
- Appraisal and presentation of the property – It would make it much easier for potential lenders to understand your plans and tell you if they can lend you the amount of money you need. Besides the appraisal report, include photos and a presentation video of the property you are rehabbing.
- Project plan and cost estimates – These will show rehab hard money lenders NJ how much money you need and on what you are going to spend it. Make sure they are reliable and include any expenses your project may incur. Otherwise, you risk running out of funds again, and there is no telling if the lender will agree to an increase of the loan amount.
- Market study – Showing your lender a report on the prices of the properties similar to the one you are investing in sold in the same area will help you prove to them that your project is worth investing in and will ensure the targeted profit.
- Previous investments portfolio – Although it is not mandatory, showing your potential lenders a portfolio with the rehab projects you have managed and completed successfully will help convince them that you know what you are doing, you will use their money wisely and you will repay it on time.