Hard Money Loans in 75181

You discovered this phenomenal opportunity to fix and flip this nice out of date condo in a very good area and it looks like the one you've been looking forward to for quite some time. You may have heard that competent home flippers, similar to the husband and wife on HGTV's Flip or Flop, have a remarkable average profit near $40,000 – $50,000. It goes without saying their rehabbing experience, knowledge of hard money loans, expertise in their market, and auction skills have been large factors to their success. Having said that, you've also been developing your rehab and remodeling knowledge, have got a general contractor arranged and are confident that you can do an impressive job on this property.

But how can you find the needed capital for flipping? When you meet with a standard lending institution, like a bank for funding, it is in all likelihood going to take a minimum of 4-8 weeks for your approval to come through and the money to be furnished. Thus if you are wishing for a fast closing, you have to be aware that this will cost you a couple weeks, making you lose out on the opportunity.

To add to it, banks have already been tightening up their lending standards in recent years, which makes it tough for people to get a regular loan if their credit circumstances are not flawless or he does not possess a consistent salaried job. So does that mean you are without an option, but to abandon your dream of venturing into home renovating? By no means, because you could always go the 75181 hard money loan route to fund your home flipping project.

A hard money home loan in 75181 gives you what's possibly most essential to real estate investors — a very fast closing in as few as 14 days. Plus, the LTV value can go up to 70% of the place's valuation, as estimated by a credentialed appraiser. At first glance, hard money real estate loans, with starting interest rates of 10%, seem to be higher in price than bank lending products. But the time frames of these loans tend to be relatively shorter, which makes the interest rate much less important. When it comes to short-term loans of several years or less, you should think of them much like you would other expenses for the project. And once you've turned the home, recouping this expense is comparable to recovering the expense for the bathroom or other upgrades you performed.

Furthermore, even a person with poor credit can easily be eligible for a hard money mortgage. The customer's credit score is not the sole determining factor for 75181 hard money lenders — in addition, they examine the property, what is it valued at, its location, and its capability to return their investment if things should not work out as intended. Additional factors that affect a customer's acceptance for a hard money real estate loan can include how much he is able to put towards a down payment, his previous experience as a real estate investor, and price of comparable, fairly recently sold residences nearby.

So in case you have stumbled on a really great real estate opportunity with a high prospect of returns, you have also discovered a hard money lender in 75181 that is happy to provide funding for your rehab projects. Fill out the contact form on this page or give us a call to talk about your project.

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Investment property loans only please, no primary residences at this time.