There's this phenomenal opportunity to renovate and flip this nice outdated condo in a very good location and it seems a lot like the deal you have been expecting for a long time. Most folks know that skilled professional flippers, along the lines of Tarek and Christina El Moussa who star in HGTV's reality flipping show, Fix or Flop, can make an average profit of forty to fifty thousand dollars in their rehab business. No need to explain that their rehabbing experience, knowledge of hard money loans, expertise in their market, and auction talents have had a big role in their success. Still, your rehab and renovation skills aren't that bad either — besides, you've already located the right licensed contractor to handle this job.

But where can you get the necessary funding for flipping? If you opt for an ordinary loan from the bank, you will have to wait around somewhere around 1-2 months up until the time the financing is approved and your funding is accessible. So if you are wishing for a fast closing, you need to recognize that this will cost you a couple weeks, making you miss out on the home.

As well as this, should you have an unfavorable credit situation or do not have a regular source of income, it usually is more challenging for you to qualify for bank financing, seeing the stricter loan criteria banks have issued in recent times. So will a shortage of financing keep you from following your ambitions? By no means, particularly when 76044 hard money loans can help you accomplish great things in real estate.

A hard money home loan in 76044 gives you what is perhaps most desired by real estate investors — a quick closing time of as little as fourteen days. In addition, the LTV value can range up to 70% of the home's valuation, as estimated by a certified appraiser. On the surface, hard money real estate loans, with starting lending rates of 10%, appear to be higher priced than bank financing. But if you consider these loans are not long-term mortgage loans, the interest rate tends to be misleading. As it pertains to short-term loans of a handful of years or less, you should think of them just like you would other expenses for the project. Once you have sold the home and have made a positive financial gain, you can recover this expense from the property or home — the same as recovering the money spent on the brand-new kitchen appliances that you have installed.

What's more, it's simple to be eligible for a hard money mortgage, even if your credit rating is not that great. The person's credit score isn't the exclusive deciding factor for 76044 hard money lenders — additionally, they examine the piece of real estate, how much it is worth, where it is located, and its potential to bring back their investment if everything does not work out as intended. The total amount that a person can put down in advance for the property or home, his real estate experience, and price range of comparable properties in the same neighborhood are various other details that go into determining a person's qualification for a hard money real estate loan.

Locating a hard money lender in 76044 to cover expenses for your renovation project is not very challenging, provided that the opportunity that lies ahead of you is promising and boasts a strong prospect for returns. Complete the contact form on this page or give us a call and let's talk about your project.