Fix and flip loan NJ

[Ben C.]

Hello, I was wondering if people could offer their opinions in fix and flip loans in NJ? I have the funds for a downpayment so that aspect isn't the issue. I went to one of the big banks and while the rate was good (I think 1% above conventional residential mortgage rate) the conditions were quite onerous. They required inspections every step of the way and at each step contractor must wait 1-3 weeks for his check. I don't expect my contractor to work under these conditions and it is not conducive to a quick turn around. For the time being I have been funding deals via cash for the simplicity and quick close etc (easier to acquire properties and move at my own speed). Look forward to hearing from everyone. Thank you all!!