North Bergen is a city in the northern part of Hudson County in northern New Jersey. It has a population of just over 60,000 people and is considered a New York City suburb because of its proximity to New York City. It has a majority Hispanic population, but North Bergen also has a reputation of being a very affordable place to live near New York City.
It is a nice place to settle down with a growing economy, as large health care employers are providing more and more jobs to people in the community. It is also accessible through New Jersey public transportation. Given its very large Hispanic population, North Bergen also has a lot of Latin-American and Mexican cuisine with its local restaurants, as well as a lot of pubs and a thriving night life.
According to Niche, North Bergen feels like a city and is a place with great diversity and lots to do. Most people rent their homes in North Bergen, and the city is home to many restaurants and coffee shops. There are also lots of parks to give residents green space. In North Bergen, most residents are families and young professionals, and the median home value is $350,600 and the median rent is $1,437, which is costlier than the national average but much cheaper than neighboring Manhattan.
Right now, North Bergen is a buyer’s market. Supply of homes is outpacing demand, and homes are selling for lower than listing price and staying on the market for a long time, much like neighboring New York City.
Hard money loans might be the best way to invest in real estate in North Bergen. Hard money loans are an alternative source of financing to traditional mortgage loans. Usually, in a housing bubble and seller’s market, hard money loans have the advantage of having a very fast speed of approval, with approval speeds of a couple of days, compared to the over a month needed to approve a mortgage.
In buyer’s markets, however, hard money loans have very different advantages. There are a lot of cash-only properties in buyer’s markets. Cash-only properties are houses where you can only pay cash, but they’re also properties in such poor condition that the bank doesn’t qualify them for traditional financing, so buyers can only use cash.
Hard money loans often qualify as cash in these cash-only purchases because they’re an alternative source of financing, and because hard money loans were essentially designed to repair homes in poor condition and turn them into attractive properties. They’re mostly used for house flipping and turning distressed properties into long-term rentals, and hard money loans in a buyer’s market like North Bergen can be used to turn distressed properties into attractive and affordable rentals.
These loans are different from traditional financing because they use the property as the asset and collateral. If a borrower defaults on a mortgage, the bank forecloses on the property, but if the borrower defaults on a hard money loan, the lender becomes the homeowner.
This more convenient and speedier process also comes with a lot of risks and disadvantages. Hard money loans have higher interest rates than traditional mortgage loans. They also need to be repaid much faster, and require larger down payments from borrowers.
It’s important to only choose the best hard money lenders, which is why we at Hard Money Lenders IO have chosen the best hard money lenders in North Bergen.