Sorry, your search returned no results.
Malve Capital LLC
Fast And Easy Real Estate Loans. Closing as fast as 5 business days, subject to clear title.
Outstanding Service for Investment Property Bridge, Rehab, Rental, and Construction Loans
New Jersey Hard Money Interest Rates
According to the hard money loan documents software company, Lightning Docs, the average interest rate for New Jersey hard money loans in the 4th quarter of 2023 was 10.90%. The average loan amount was $532,303. These stats are the average of 161 short-term loans (including bridge, rehab, and ground-up construction) funded for properties in New Jersey between October 1, 2023 and December 31, 2023 by multiple hard money lenders that use Lightning Docs as their preferred software provider to prepare loan documents.
According to private lending data provider, Analytics Logics, the average interest rate for New Jersey hard money loans in the 4th quarter of 2023 was 10.86%. Lenders charged an average of 2.5% points (origination fee). The average LTV (loan-to-value) for private money loans in New Jersey was 63%, and the average loan amount was $666,202. These stats are the average of all the loans which were funded between October 1, 2023 and December 31, 2023 by the many private lenders who use Liquid Logics’ loan origination software to manage their lending operations.
Completed Hard Money Loans in New Jersey
Gelt Financial, a direct hard money lender, funded a $225,000 equity cash-out refinance loan secured by a residential rental property in Wildwood, NJ. The Borrower had a unique financial situation. She and her husband owned a total of 4 properties, but they went through a divorce, and the judge allocated 2 properties to each spouse. The husband was ordered to remove the Borrower from his 2 properties within a certain time frame but failed to do so, and both went into default. This ruined the Borrower’s credit, so she was unable to get a conventional loan. Eventually, the judge ordered those 2 properties to be allocated to our Borrower, but they came with a lot of past-due taxes and penalties. The subject property for our hard money loan was one she owned free and clear. It’s a townhouse/condo very close to the Shore and is always rented out seasonally with short-term leases, so there wasn’t enough verifiable income on it for her to get a conventional loan. We estimated the value to be over $550,000 which put our 1st mortgage at around 50% loan-to-value. We did not require an appraisal. The Borrower plans to sell one of her other properties in order to pay us off within the 2-year loan term. This hard money loan was funded in June 2021.
Gelt Financial, a direct hard money lender, provided 100% financing for the purchase and rehab of a small commercial property in Vineland, NJ. The Borrower/Sponsor is a contractor who had a solid plan to purchase the property, which was previously a funeral home, and convert it into a medical office. He already had a lease agreement signed with a non-profit organization to occupy the property as soon as the renovations are completed. The purchase price was $350,000 with a rehab budget of $125,000. We estimate the completed value will be around $1.1M. The exit strategy is to sell the property to the new tenant within 2 years. The Borrower has a very bad credit history and didn’t have the cash to contribute, but he’s a repeat client we’ve provided financing to in the past, so we decided to be a JV equity partner to provide a 1st mortgage and all the equity. The 1st mortgage will earn interest, and we will receive 50% of the profits upon the sale. This JV equity deal was funded in March 2021.