Specializing in financing projects, a hard money lender NJ provides commercial, constructional and residential loans to the residents of this most densely populated state of US. The state’s affluence has encouraged large scale investment in property requiring hard money for transaction. The number of millionaires hailing from New Jersey faces little or no consternation in putting in their wealth into speculative ventures. There is a tremendous amount of money going around and lenders make the most of the existing fiscal situations.

Hard money lenders offer short term, non-bankable loans which are purely asset based, approval for the request for them depending upon the value of the asset being collateralized and its equity. Much of the usual harassing paperwork, documentation, long periods of waiting and countless trips to traditional lending organizations have been evaded by hard money lender NJ. What the prospective borrower gets is a crisp deal that can be closed within 48 hours of approval. The collateral anchoring the loan can be in any form – residential, commercial, raw land or a site under construction. It is common to get 70% of the Loan-to-Value of the collateralized real estate.

No question are asked or facts verified by hard money lender NJ. It is of no concern what the borrower is earning, his credit score, past financial standing or his employment history. The collateralized property is put under scrutiny, valued and the loan is sanctioned without mincing words. Moreover, there is no dearth of loan programs that the lenders in the state have up their sleeves. As a matter of fact, since the lenders are their own lawmakers, they are quick (and smart) to discern the client’s requirement and custom-tailor a program for him that is most appropriate.

A hard money lender NJ overlooks many of the seemingly critical aspects as compared to typical money lenders. Defaulters are seldom taken to task; instead they are offered additional avenues so that they make regular payments. Often the monthly installments on interest are deferred till such time that the borrower is able to procure long-term loan from other sources. For all the benefits that hard money lenders proffer, they cushion themselves from setbacks and risks by charging a slightly higher rate of interest of about 10% – 15%.