A fantastic bargain on a fix and flip opportunity located in a nice subdivision all of a sudden shows up — seems so good that it is difficult to believe. A majority of people know that skilled professional flippers, such as Tarek and Christina El Moussa from HGTV's reality home flipping series, Fix or Flop, are able to make a typical profit margin of forty to fifty thousand dollars on their home projects. And sure, they are aided in a big way by their professional know-how, auction skills and knowledge of hard money loans. Still, your rehab and remodeling knowledge isn't bad either — in any case, you have already identified an ideal building contractor to take on the home.

But financing can be a different question altogether. A standard lending institution, for instance a bank, takes no less than 1 to 2 months to approve the mortgage and hand over the monies. Thus if you happen to be wishing for a fast closing, it's important for you to realize that this will set you back by weeks, causing you to lose out on the sale.

With banks bringing in more challenging loan criteria in the recent past, it's become harder for a self-employed person to find a mortgage loan, especially if his credit circumstances are not flawless. So does this mean you have no option, but to give up your dream of venturing into home flipping? By no means, especially when 75019 hard money loans enable you to achieve many amazing things in the real estate market.

A hard money home loan in 75019 promises what's possibly most sought after by real estate investors — a very fast closing in as few as 14 days. Aside from that, loan amounts are made up to 70% loan-to-value of the as-is house value, as calculated by a professional appraiser. At first glance, hard money real estate loans, with starting interest rates of 10%, seem to be more expensive than bank financing. But in reality, the lending rate isn't as relevant for these loans, given that they aren't long-term loans. When it comes to short-term loans of a few years or less, you should think of them just like you would other expenditures for the project. After you rehab and unload the home, recovering this expense is no different than recouping the one for stainless steel appliances you put in the house.

In addition, even an individual with poor credit can easily qualify for a hard money mortgage. As an alternative for focusing primarily on the borrower's credit score or wages, 75019 hard money lenders, who may be a privately owned company or an individual, approve a loan after analyzing the home value, its salability, its location, and the likelihood of recouping their money in case they have to foreclose the loan. On top of this, if the applicant can demonstrate past experience in equivalent real estate endeavors, can place down money towards a down payment, and the cost of comparative properties in the neighborhood works in his favor, he has got a very good chance of being eligible to obtain a hard money real estate loan.

So any time you run into an outstanding and lucrative investment opportunity, be assured you'll have a hard money lender in 75019, willing to loan you the capital that you need. Complete the contact form or give us a call and let's discuss your property or properties.