Hard Money Lenders in Irvington, New Jersey

By admin, Hard Money Lenders IO

Hard Money Lenders in New Jersey

Irvington is a town located in Essex County, New Jersey. It has a population of just over 60,000 people, and Irvington is also very close to New York City and considered a suburb of the city. Irvington is a very walkable city that is accessible on foot, and it is very close to I-78. The town was named after early 19th century writer, Washington Irving. 

According to Niche, Irvington is a place where residents have an urban-suburban mix feel, and most people rent their homes. There are many bars and parks in Irvington, and Irvington has a median home value of $182,400 and a median rent of $1,048. 

Right now, Irvington is a buyer’s market. It is a town where homes are on the market for a long time and prices tend to be lower. It’s also a home where supply is outpacing supply. 

Real estate investors in Irvington should consider hard money loans. Hard money loans are loans predominantly used for fixing homes in disrepair through house flipping. In seller’s markets, hard money loans have the advantage of being approved very quickly — they can be approved in a couple days, whereas traditional mortgage loans take at least a month to be approved. Their biggest advantage in a buyer’s market like Irvington is they can be used to buy cash-only properties and turn homes that are unappealing into great properties.

Especially in a robust rental market like Irvington, cash-only properties are terrific opportunities. In real estate, cash-only means the home can only be paid for in cash, but cash-only also means the home is in such a state of disrepair a bank doesn’t qualify the property for traditional financing. 

Hard money loans are an alternative source of financing that can qualify as cash in these purchases. These loans qualify as cash because they’re not mortgages, but also because they were designed to repair homes in poor condition and flip them.

Hard money loans are different from traditional financing because they use the property as the asset of the loan. Instead of relying on aspects of financial standing, like credit score, hard money loans use the property as collateral. If a borrower defaults on a mortgage, the bank initiates a foreclosure that can be extremely lengthy and expensive. If a borrower defaults on a mortgage, the lender takes on the property in a swift process that can result in great profit. 

This means hard money loans have lots of disadvantages as well. They have interest rates that are very high — 8–15%, while traditional mortgage loans have interest rates just over 4% on average. Hard money loans also have shorter repayment periods than hard money loans — they have repayment periods around a year, while traditional mortgage loans have repayment periods of around 30 years. 

Hard money loans also have LTV ratios of 65–75%, which are much lower than the LTV ratios of traditional mortgage loans, which have LTV ratios of around 80%. This means real estate investors have to put down higher down payments on hard money loans than they do on traditional financing. Real estate investors need to only trust the best hard money lenders, since not every hard money lender is trustworthy. 

That’s why we at Hard Money Lenders IO have made a list of the very best hard money lenders in Irvington. These are the best partners for your real estate investment.

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+

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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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