Hard Money Loans in 76017

An incredible buy on a fix and flip property in an excellent neighborhood suddenly shows up — seems so good that it's difficult to believe. You may have heard that veteran home flippers, such as the married couple on HGTV's Flip or Flop, turn an impressive average profit of around forty to fifty thousand dollars. And yes, they are helped in a big way as a result of their professional experience, auction skills and knowledge of hard money loans. However, you are certain that your first class rehab and remodeling talents will help you do an outstanding job on this property — furthermore, you already have arranged to have one of the best contractors in the area to handle the project.

But money is often a different issue entirely. If you apply for an ordinary loan via a bank, you will have to wait roughly 4-8 weeks up until the mortgage loan is approved and the money is ready to go. So if you're expecting a fast closing, you need to be aware that this will set you back by weeks, making you lose out on the sale.

With banks introducing harder loan criteria in recent years, it is more difficult for a self-employed person to obtain a mortgage loan, especially when his credit rating is not perfect. So does that mean you have no option, but to abandon your aspiration of venturing into home flipping? By no means, considering that you can always use the 76017 hard money loan approach to finance your rehab project.

A hard money home loan in 76017 provides you with what's possibly most sought after by real estate investors — a very fast closing in as few as two weeks. In addition, the LTV value can go up to 70% of the property's valuation, as determined by a credentialed appraiser. With the interest rates starting near 10%, hard money real estate loans may seem, at first, to be more pricey as compared with traditional bank financing. But in reality, the rate of interest isn't as useful a measure for these loans, because they are not long-term loans. The price tag on such short-term loans ought to be considered on par with every other cost that you might encounter in the course of the project. Right after you fix up and unload the property, recuperating this expense is just like recovering the cost of the stainless steel appliances you put in the place.

Besides, hard money mortgages are easy qualifying, whether or not you posses a bad credit score. Rather than focusing only on the applicant's credit score or source of income, 76017 hard money lenders, who could be a private company or an individual, authorize a loan after evaluating the home value, how easy it will be to market, where it is located, and the possibility of recovering their money in case of foreclosure. The amount that a person can put down beforehand for the home, how much practical experience he has in real estate investing, and selling price of comparative properties in the neighborhood are various other factors that go into establishing a person's suitability for a hard money real estate loan.

If you happen to have stumbled on a really great real estate opportunity with a high potential for returns, you have also stumbled upon a hard money lender in 76017 that is prepared to fund your fix and flip ventures. Complete the form or get in touch with us via phone and let's talk about your project.

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