Hard money loan lenders in NJ conduct a thriving business since they hold all the cards. Operating in one of the most commercialized, populous and affluent states in United States, only people with a strong financial backing can afford to disburse huge amounts as loans. With a high per capita income, the residents go about taking loans without trepidation, wanting to invest in property for personal use or establish commercial ventures or even to sell their purchase at a higher price.
While hard money lending, the lender is taking a much higher risk and therefore the hard money loan lenders in NJ compensate this by charging an astronomically high rate of interest. The factors that lure clients to them include:
• Income or credit is never an issue. Persons who have experienced bankruptcy in the past are also eligible for hard money loans. The loan is sanctioned based on the value of collateral anchoring the loan and the equity within the assets.
• The interest rate begins at 15% in New Jersey. Depending upon the type and duration of the loan the interest may vary.
• Hard money lenders do not have to follow the traditional system that involves lengthy procedures, a lot of paper work, and stern interrogation by formal lending organizations to weigh the perils that may hamper the borrowers repaying ability.
• The cases are closed very speedily, as less as within 72 hours, thus facilitating transactions and giving your business a competitive edge.
• Hard money loan lenders in NJ are very flexible and can bend their rules according to the client’s circumstances. Repayment may be deferred if requested without a penalty.
• Most loans are given for short duration but it can be extended to several years.
• Loans are limited to 60% of loan to value (LTV) or even less sometimes.
• Hard money is loaned to the quirkiest of cases, those that banks will refrain from touching.
• The borrower can select the hard money lender depending upon the loan type.
The convenient financing by hard money loan lenders in NJ offers the influx of tourists to invest liberally here despite their being more expensive. Often the hard money loan lenders in New Jersey comprise of a group of investors rather than a single individual. They turn dreams into reality without the borrower having to miss an opportunity of a life time.