Hard Money Lenders
Hey I was wondering if you guys ever used any Hard Money Lenders after you found a good deal on a house. Are there any you reccomend around the NJ area? Were they easy to work with? How were their terms? I'm basically looking for hard moeny lenders so i can close on Preforeclosed homes quickly. Are their any better way of financing fi the person is willing to sell and I want to flip? I would really appreciate any advice. Thanks 
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Experiences vary, but I would think that a good hard money lender will predicate the loan amount on the value of the property... not the purchase price. Why should you be penalized for making a shrewd purchase?
Rates should be anywhere from 12% and up, with a few points. A one year balloon with payments based upon a 30 year payout, plus escrow for taxes and insurance. All other conventional loan closing criteria will apply (title insurance, water/septic/termite certs, etc.)
You'll probably be asked to provide for a certified appraisal performed by a licensed appraisor, maybe 2.
The benefit of using a HML is speed of approval, and speedy closings.