Finance
In NJ, a 'hard money' bridge loan is commonly used for which real estate scenario?
AFirst-time homebuyers purchasing a primary residence
BReal estate investors buying distressed properties for renovation and resale where speed and flexibility are paramount✓ Correct
CNJ affordable housing development
DReverse mortgages for seniors
Explanation
Hard money bridge loans are commonly used by fix-and-flip investors in NJ to acquire and renovate distressed properties quickly. The higher rates and short terms are acceptable given the expected short holding period and potential profit.
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