Hard Money Lenders in Bayonne, New Jersey

By admin, Hard Money Lenders IO

Hard Money Lenders in New Jersey

Bayonne is a city in Hudson County named after Bayonne, France. It is located very close to New York City and Jersey City and is caught between three bays — New York Bay to the east, Kill Van Kull to the south, and Newark Bay to the west. Bayonne is place that historically had a rich manufacturing history in yacht and boat building, but has since shifted to health care with the Bayonne Medical Center being the biggest employer in the town.

According to Niche, Bayonne is a New York City suburb that gives people an urban-suburban mix feel, and it is known for having great diversity, nightlife, and more. There are many bars and restaurants, and Bayonne is also known for its plethora of green spaces in parks. Bayonne has above-average schools and Bayonne has a median home value of $333,700 and a median rent of $1,255.

Right now, Bayonne is a buyer’s market. It is a place where supply is greater than demand. 

Real estate investors in Bayonne should look into hard money loans. Hard money loans are an alternative source of financing from traditional mortgage financing. They are also known as short-term bridge loans and last resort loans. Hard money loans usually have an advantage in seller’s markets of having very fast speeds of approval. Hard money loans can be approved in a couple of days, as opposed to mortgages, which can take a month or more to be approved.

In buyer’s markets, however hard money loans have other advantages. They can be used to purchase cash-only properties. In real estate, cash-only means the property can only be paid for in cash, but it also means the home is in such poor condition the bank won’t touch the property. The home needs significant repairs before it can qualify for traditional financing.

Hard money loans can sometimes qualify as cash-only because they’re an alternative source of financing, and they were essentially made for repairing homes in disrepair anyway. Hard money loans are mainly used for real estate investments like fix and flips, long-term rentals, and construction projects. 

They’re different from traditional financing because they use the property as the asset. Hard money loans use the after repair property of a home to calculate the terms and rates of the loan. They use the property as collateral and not the financial standing of the applicant, like traditional mortgage loans. If a borrower defaults on a hard money loan, the lender takes on and owns the property. If a borrower defaults on a hard money loan, the bank initiates a foreclosure.

This means hard money loans are inherently also very risky. They have higher interest rates, shorter repayment periods, and lower LTV ratios than traditional mortgage loans. They have interest rates of 8–15%, which are much higher than interest rates of mortgages (just over 4%). Hard money loans also need to be repaid in a year, which is much shorter than the repayment period of mortgages (about 30 years). Lastly, hard money loans have LTV ratios of 65–75%, which are lower than LTV ratios than traditional mortgage loans. 

It’s essential for borrowers to choose the best hard money lenders. Some hard money lenders have reputations as loan sharks because they tack on extra fees, or fail to communicate well about fees.

We have you covered at Hard Money Lenders IO. Here are the best hard money lenders in Bayonne.

Hard Money Lenders IO

The team at Hard Money Lenders IO have been lending on investment properties to real estate investors. Every member of our team is dedicated to providing the clients we serve with fast, affordable financing solutions so that they can have access to the funding they need. Hard Money Lenders IO has adjustable guidelines and customized lending programs for borrowers.

Loan Amounts from
100K to 5M+

Rates starting at

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LendingOne is a private money lender, specializing in the financing of non-owner occupied residential investment properties. Lending One provides Mortgage Brokers and Real Estate Investors with a fast and cost effective funding source for their real estate investment needs.

LendingOne uses our own capital, an easy online application and our extensive real estate experience to provide quick and reliable funding for our clients.

Our Loan Programs include:

Fix & Flip
Buy & Hold
Rate & Term
Cash Out Refinance
Bridge Financing
Wholesale Lending

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