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Your current employment, income, credit, or asset situation are not vital to New Jersey hard money lenders. Unlike conventional loans, application for hard money loans is based on your assets.
One more reason why hard money lenders take the risk of lending to individuals with bad credit rating is that the moment borrowers default on the loan, the hard money lenders are the first creditors to be paid when the property is sold.
Everyday, hard money lenders witness all types of borrower situation where in traditional lenders do not accommodate the application of the borrower because of their credit issues, income or employment issues, and time frame issues. Conventional lenders normally allot 40-day processing period before a loan is approved due to credit investigation. If you are applying for hard money loan, in less than a week, you can get the funding that you need for your real estate investment.
Clearly, if you live in New Jersey with a poor credit rating, you could directly benefit from using hard money loans. People who have properties that do not fit the requirements of conventional soft money lenders may also benefit from New Jersey hard money. If you are facing foreclosure on your home, or you are an investor who is about to close a good deal but cannot wait for 40 days to meet the time requirements, you can apply for hard money loan. One reminder before applying for this type of loan: check with the conventional lending institutions first to make sure there is no other way to get yourself a soft money loan. If there is really no way that you can get your application approved, then clearly it is time to apply for private money loans.