Who are the Best Hard Money Lenders in Newark in 2021?
Finding the best hard money lenders in Newark is critical to your real estate investing success. Whether you’re new to real estate or are much more experienced, your hard money loans can end up costing you thousands of dollars if you aren’t careful. A bad hard money loan can set you back thousands and thousands of dollars. On the flip side, hard money loans can provide the financing you need to make a deal possible. Whether you need a fix and flip loan or a long term loan for your BRRRR strategy, Newark hard money lenders can give you the buying power you need to secure your deal.
Newark doesn’t have a big selection directly in the city, but there are several lenders in the area and throughout New Jersey. Loan amounts average around $400-450k. Rates for private loans average 10-12%. The average loan made in this city has a length of 12-18 months. The mean loan includes a 2-3 point origination fee. Lenders typically offer a 70-75% loan-to-value on hard money loans in Newark.
Here’s our short list of the top 5 Best Hard Money Lenders in Newark:
- Stratton Equities
- Hard Money Man
- Asset Based Lending
- HML
- Aryming Capital
Top 5 Best Hard Money Lenders in Newark NJ in 2021
1. Stratton Equities
Stratton Equities is the leading Nationwide Direct Hard Money & NON-QM Lender that specializes in fast and flexible lending processes. Our team is owned and operated by experienced Real Estate Investors providing a reliable and knowledgeable team to help all Real Estate investors succeed.
Our Hard Money and Direct Private Money loan programs support the following investment projects:
- Fix and Flip
- Cash Out – Refinance
- Fixed Commercial Loans
- Commercial Bridge Loans
- Bridge Loans
- Stated Income/No-Income Verification Loans
- Rental Loans
- Foreclosure Bailout Loan
- NO-DOC
- Blanket Loans
- Fixed Rental Programs
- Multi-Family Loan
2. Hard Money Man
Hard Money Man LLC is a New Jersey based private money lender. They’re a national lender but they’re based righti n New Jersey. With over 20 years of experience in hard money loans, they’re one of the most experienced lenders avaailable. They’ve closed and funded over 7,500 loans totaling over 1.2 billion in transactions.
Here’s some more details:
- Rates from 8% for more experienced investors
- Funding up to 90% of Purchase Price
- 100% of Rehab up to 75% ARV
- Credit requirements: 650+ for new investors, 620+ mid for experienced
- Minimum 65k purchase price
- No Prepayment penalty
3. Asset Based Lending
Asset Based Lending, LLC was founded in 2010 and is a leading local source of hard money loans in New Jersey. We have consistently received praise from our borrowers who emphasize our quick, hassle-free closings, favorable terms, and creative financing solutions. Their a direct lender and they come highly rated on Google.
Here’s more info about their loans:
- Experience: Any
- Credit Score: 650
- Minimum Interest Rate: 9-11%
- Points: 1-2%
- ARV: Up to 85%
- Property Types: Single Family, Multi Family, Mixed Use
- Pre-Pay Penalty: No
- Extensions: Available
- Loan Size: $75K – $2.5M
- Loan Terms: 12 months
#4. HML
Private Lenders Hard Money is a unique type of hard money lending company. They specialize in hard money loans for New Jersey investors. They offer loan programs for single family, multi family and commercial properties.
Here’s more about their rehab loans:
- Loan amounts from $75,000 to $1,500,000
- 3% Origination Fee
- 8.5% Interest Rate
- 12 month term
- 100% financing for repairs and renovation
- No subordinate liens allowed
- Closing in 3-7 Business Days
- Monthly payments with balloon payment
#5. Aryming Capital
AryMing Asset Funding, LLC (AAH) is a boutique, private real estate lending sponsorship firm founded in 2010. They purchase, finance, sell, and assign mortgages & notes. They cater to accredited, high net worth individuals who appreciate transparency and personalized service in the distress asset sector of real estate.
They also offer a good selection of loan programs including fix and flip, construction, long and short term loans and also more passive investing.
Here’s more about their fix and flip loan program:
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Rates from 9.99%,
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Origination: 2.5 points
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LTV: 65-75% As-is Value and 100% of Rehab Funding
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No prior experience needed
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Minimum down payment 10% of purchase price
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No Pre-Payment Penalties
Best Hard Money Lenders Newark FAQ
Who is the best hard money lender in Newark?
Here’s our short list of the top 5 Best Hard Money Lenders in Newark:
- Stratton Equities
- Hard Money Man
- Asset Based Lending
- HML
- Aryming Capital
What do Newark hard money lenders charge?
Hard money loan rates in Newark range from 10 percent to 12 percent for most fix and flip and shorter term loans. Many hard money lenders in Newark also charge points or origination fees on a loan that range from 2-3 percent.
Do Hard Money Lenders in Newark require appraisals?
With most hard money lenders in Newark, the loan to value (LTV) is determined through an appraisal or a broker opinion of value. Some lenders do offer in house valuations, which eliminate the need for a third party appraisal.
What is hard money in Newark?
Hard money loans in Newark NJ are loans secured by real estate used to purchase or rehab that piece of property.
These short term loans are used to purchase and/or rehab residential or commercial properties. They’re usually more expensive than traditional loans but can be closed faster and oftentimes with less credit requirements.
