Private Money Lenders Newark
Rates Starting at 10%
Introducing West Forest Capital – your trusted hard money lender. We specialize in financing real estate investments, providing loans up to $5 million. Our reputation as the fastest hard money lender is well-earned, as we understand the importance of time in our competitive real estate market. Here’s why you should choose us:
- We are a direct lender, eliminating the need for brokers
- Get pre-approved on the same day
- Funding typically takes 3-12 days, but we can expedite it to just 1 day
- Loan amounts available up to $5 million.
- Experience a seamless lending process with West Forest Capital.
Property Types
- Multi-family
- Single-family
- Condominiums
- Retail
- Office Buildings
- Industrial & Warehouse
- Hotels & Motels
- Special Purpose & Mixed Use
- Parking Garages & Lots
- Land
Lending Parameters
| Loan Size | $100,000 to $5,000,000 |
| LTC | Up to 80% of purchase price |
| Rehab Funding | 100% |
| LTV | Up to 70% of the ARV |
| Term | Standard is 12 months. 24-36 months is available |
| Lien | First lien; second lien as additional collateral only |
| Interest Rate | 10%–12.5% |
| Points | 1.5–2% of the loan amount |
Counties Covered
West Forest Capital provides lending services in the following counties:
- Hudson County
- Bergen County
- Passaic County
- Essex County
- Morris County
- Sussex County
- Warren County
- Union County
- Somerset County
- Middlesex County
- Hunterdon County
- Mercer County
- Monmouth County
- Burlington County
- Ocean County
- Atlantic County
- Cape May County
Recently Funded Hard Money Loans in Florida
Palm Beach Gardens , FL
- Location: Palm Beach Gardens, FL
- Purchase Price: $325,000
- Rehab Budget: $65,000
-
Loan Amount: $243,750 at Closing
+ $65,000 Rehab = $308,750 - ARV: $525,000
- Exit Strategy: Sale
- Investor Capital: $81,250
- Equity Created: $135,000
- Investor Return on Capital: 166%
Our client is an experienced investor in the Palm Beach County area and found this off-market home after contacting homeowners in the vicinity of another project. While the home was livable, it was not updated, and needed significant repairs (kitchen, floors, bathrooms, paint, roof, HVAC). Utilizing a Palm Beach County hard money loan in Palm Beach Gardens, our client completed the work and sold the home in a 9 months period, yielding nearly a 200% gain on his original investment.
West Palm Beach, FL
- Location: West Palm Beach, FL
- Purchase Price: $290,000
- Rehab Budget: $30,000
-
Loan Amount: $232,000 at Closing
+ $30,000 Rehab = $262,000 - ARV: $400,000
- Exit Strategy: Rent & Refinance
- Investor Capital: $58,000
- Equity Created: $80,000
- Investor Return on Capital: 138%
This was our client’s first real estate deal. Our client sought to take advantage of the momentum in West Palm Beach’s real estate market and anticipated rent increases in the area. Although this was a new real estate investor, they received 80% of the purchase price and 100% of the rehab costs. As a local Palm Beach hard money lender in West Palm Beach, we were comfortable that our client was buying below market in this building. After doing cosmetic repairs (primarily removing the carpet and updating the kitchen), our client found a great tenant and refinanced into a rental loan.
Boynton Beach, FL
- Location: Boynton Beach, FL
- Purchase Price: $437,500
- Rehab Budget: $55,000
-
Loan Amount: $339,000 at Closing
+ $55,000 Rehab = $394,000 - ARV: $570,000
- Exit Strategy: Sale
- Investor Capital: $98,438
- Equity Created: $87,500
- Investor Return on Capital: 89%
Our client obtained a Palm Beach County hard money loan in Boynton Beach to booster his offer for the property which beat out several other offers with conventional financing. After the needed repairs were completed, the exit strategy was flexible: either a sale or a conventional refinancing once the property was stabilized and rented. Ultimately, our client came across another fix and flip opportunity and elected to sell the rehabbed original property to raise cash for a down payment on the next deal.
Why Use a Hard Money Loan
- Get Fast Funding: Approval and funding within days, even in emergencies!
- Finance Challenging Properties: We fund properties overlooked by traditional banks, including those in need of rehab or lacking necessary certifications.
- Credit-Friendly Loans: We prioritize property value over credit scores and debt ratios when considering loan approval.
- Flexible Ownership Options: Avoid personal loans with our option to own properties through LLCs or if you have multiple properties. Hard money loans are the solution.
Why Choose a Newark Private Money Lender?
Financing your Newark Investment Property
Experience the thriving real estate market, with close proximity to major cities like New York City and Philadelphia. Benefit from a strong economy driven by industries including pharmaceutical and life sciences, financial services, manufacturing, technology, and transportation.
Discover a liquid real estate market offering promising opportunities to add value and grow your investments. Partner with West Forest Capital, a trusted hard money lender, to excel in this competitive market.
Asset-backed Lender Focused on Customized Solutions
At West Forest Capital, we have extensive knowledge of the fix and flip market. This allows us to create tailored solutions for your hard money financing needs. We provide funding based on the asset’s value, which means we can even finance more than the total purchase price and rehab amount in certain cases.
Additionally, our hard money loans have the longest term available on the market – 3 years. This makes them perfect for buy and hold investors.
Contact us or apply for a loan today!
Frequently Asked Questions
What is a private lender?
How do private money lenders differ from banks and credit unions lending for real estate investing, and what are the pros and cons of using their services?
What are the qualifications for a private money loan?
Obtain funding for your real estate rehab projects with private money loans. No credit score or income requirements means more investors can qualify. Here are the qualifications for a private money loan:
- Down Payment: Use your down payment as collateral, ranging from 20% to 40% depending on the property type. Calculate based on the Loan-To-Value ratio. For example, if the property is $400K and the LTV is 75%, your down payment would be $100K.
- Appraisal: West Forest Capital will order the appraisal.
- Insurance Policy: West Forest Capital should be listed as the loss payee and additional insured.
- Builder’s Risk Insurance: Required for extensive rehab projects.
- Lender Title Insurance: West Forest Capital will be the beneficiary.
- Credit Score: While a FICO score of 600+ is preferred, projects can still be funded with a lower score.
Can I get pre-approved for a private money loan?
Get pre-approved the same day you apply! Call 212-537-5833 or text 917-267-9523 for your pre-approval letter.
What can private money loans be used for?
Private money loans can help in various situations:
- They can be used to acquire and renovate properties that traditional banks might reject due to credit issues or the property’s condition.
- They offer a quick solution for refinancing an existing mortgage on a property that is reaching its maturity date.
- You can obtain immediate cash-out refinancing by using a property you already own as collateral.
- Private money loans are ideal for financing real estate transactions that require a fast closing, which traditional banks may not be able to accommodate.
- They are also a great option for acquiring a property under the name of a Limited Liability Company (LLC) since traditional banks often don’t provide loans to LLCs.