Hard Money Loan to close in 5 day

Newark, New Jersey
Private Lending & Conventional Mortgage Advice
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Hard Money Loan to close in 5 day

Noyessie Hubert
Member since 2022 · 58 posts · 29 votes

Hi,

Can a private lender / hard money lender help me close a deal by Friday ( 5 days from now ) in East Orange, NJ?

It is a redemption house with an assignment contract for 190k. 

- The Rehab estimate is around 50- 60k. 

- 3bd, 1.5 bath

- plan to fix and hold

- delivered vacant

- The current estimate, according to Zillow, is 327,300
- My rehab includes a 4th bedroom, which will increase the value by at least 30k.

- 2bd are currently getting sold there at 300k.

Exit strategy:  Rehab, Refinance, and Hold for rental or personal use.

Caveat: It is a redemption and needs to be closed by Friday this week. The lender I have can not do that.

I'm still deep in the process of analyzing the deal and can share my calculation details with potential lenders. But knowing how much the loan will cost me is crucial to making a final decision.

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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
1y

if you want to get this done you better order title report Monday if you have not already. 

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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    1y

    if you want to get this done you better order title report Monday if you have not already. 

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  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    1y

    As Jay mentioned I would get a title report and a BPO or some other valuation besides Zillow. Have you been in the property ?

    you also didn't say how much you are putting down and how much you need. 

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  • Noyessie Hubert
    OP
    Member since 2022 · 58 posts · 29 votes
    1y

    Hi @Jay Hinrichs, The title report will be ready by Monday.

    Hi @Chris Seveney , I plan to keep all my catch for the purchase below 50k. I just need 150k, and I will manage the rest of the repairs myself.

    0Reply
  • Mike GrudzienPro Member
    Lender · Eugene, OR · Member since 2019 · 2k+ posts · 1k+ votes
    1y

    Good luck!

    0Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    1y

    @Ian Walsh  contact Ian he is a big lender in that market he might be able to pull it off.. I personally will not loan in NJ Pa ny 

    @?

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  • Calvin Thomas
    Developer · New York City, NY · Member since 2015 · 812 posts · 718 votes
    1y
    Quote from @Noyessie Hubert:

    Hi,

    Can a private lender / hard money lender help me close a deal by Friday ( 5 days from now ) in East Orange, NJ?

    It is a redemption house with an assignment contract for 190k. 

    - The Rehab estimate is around 50- 60k. 

    - 3bd, 1.5 bath

    - plan to fix and hold

    - delivered vacant

    - The current estimate, according to Zillow, is 327,300
    - My rehab includes a 4th bedroom, which will increase the value by at least 30k.

    - 2bd are currently getting sold there at 300k.

    Exit strategy:  Rehab, Refinance, and Hold for rental or personal use.

    Caveat: It is a redemption and needs to be closed by Friday this week. The lender I have can not do that.

    I'm still deep in the process of analyzing the deal and can share my calculation details with potential lenders. But knowing how much the loan will cost me is crucial to making a final decision.


    East Orange can be seedy.  It's really a block-by-block type of boro.  I'd tread very carefully here.  Plus, you need permits for this.  Buildings and Codes aren't the fastest for permits and inspections.
    0Reply
  • Lily Levi
    Lender · Charlotte, NC · Member since 2025 · 14 posts · 2 votes
    1y

    Sent you a DM! 

    0Reply
  • Zach Berry
    Lender · Pittsburgh, PA · Member since 2024 · 63 posts · 20 votes
    1y

    Noyessie - hope your weekend was nice. I regularly close fix and flip loans in 48 hours if there's a title report ready. I likely wouldn't be able to swing this particular deal because we're not currently lending there, but happy to connect on further deals if you think it makes sense.

    1Reply
  • Minh Duong
    Member since 2022 · 19 posts · 10 votes
    1y

    @Noyessie Hubert I can certainly help you close that in 5 days with 80% LTV and about 1-2 origination points depending on the deals detail. Let me know if that's something you're interested.

    0Reply
  • Carrie Matuga
    Lender · Riverside, CA · Member since 2017 · 248 posts · 98 votes
    1y

    The short answer is maybe. Much of the time it is not a hold up on the lending side, but rather in getting title, insurance or even a BPO/appraisal. Where are you with these items?

    0Reply
  • Vaughn Smith
    Property Manager · NJ · Member since 2017 · 786 posts · 396 votes
    1y

    @Noyessie Hubert How did this turn out? The numbers look pretty tight and a bit off for East Orange hopefully it turned out well.

    0Reply
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