The typical term of this loan is 12 months and rates range from 10%-12%.

And could even get a second home loan if doing traditional financing.

The LTV of the loans I’d conservatively gauge at about 35 percent.

My belief is that you will be challenged to realize a 10% savings loan n your first effort and there is some chance it will cost more than if you used a GC.  

For funding, explore options like FHA loans, personal savings, or creative financing, and focus on New Jersey markets that align with your goals, such as Newark for rentals or commuter towns for house hacking.

House hacking is using an owner occupant loan to get into a home or a 2-4 unit property.

He made his own mom get a loan?   

Based on the numbers seems like it was a straight forward conventional loan...any challenges?

My company is licensed in 31 states for owner occupied loans (check my profile) and I can lend in 45 states for business purposes loans (nonQM and dscr loans).

They have also outsourced their TAX SERVICES and despite my constant request to expedite my tax filing so that we can apply for a CRITICAL BUSINESS LOAN TO EXPAND OUR BUSINESS, THEY SAT ON OUR TAX and BOOKEEPING files for 7 months.