Banks are not lending on these fix and flips but we are! Don’t waste your time trying toget a bank loan and let your contract expire or even worse have to pay a perdiem to get an extension. Hard moneylenders are the only ones looking to lend on these rehab projects in this market. This holds true since traditional banks and credit unions continue to establish stringent qualifications and requirements for their borrowers. If you are greatly interested in being part of the rehabbing industry in New Jersey, then you may also need to spend a substantial amount of time and effort gathering all the documents and certificates required by traditional banks and credit unions. If you wish to avoid all the hassles associated to getting conventional financing ,then acquiring hard money rehab loans in New Jersey is the most viable solution for you.
Rehab loans actually refer to loans used by various investors who wish to have an easier time getting in and out of multiple real estate transactions within the quickest possible time. These investors often search for properties that require rehab. Basing on an investor’s experience, the searched property might require light to heavy rehabilitation or repairs. If you plan to invest in this venture, then youshould realize how valuable hard moneyrehab loans in New Jersey are when it comes to generating the necessary funds.
Hard money rehab loans in New Jersey are extremely beneficial in the sense that lenders who offer this type of financing do not need to closely scrutinize your credit history,job history, financial status or tax returns. Another reason why hard money rehab loans have been preferred by numerous investors in New Jersey is thatthese do not use their income as a determinant for the amount of the loan. Other benefits of rehab loans include closing within a shorter timeframe and the fact that hard money lenders fully understand the different aspects linked to rehabbing so expect them to be able to provide you with the most flexible programs.