Hard Money Loans in 76161

Suppose that you've run across this really great deal for a fix and flip property located in an ideal location, and you're either a skilled real estate investor or a first-timer who really wants to try out flipping homes. A majority of people know that skilled professional flippers, such as Tarek and Christina El Moussa who do HGTV's reality home flipping show, Fix or Flop, can earn an average profit of $40,000 to $50,000 in their rehab business. And without a doubt, they are helped in a major way via their professional experience, auction abilities and familiarity with hard money loans. Nonetheless, your rehab and renovation skills aren't bad either — besides, you have already located the right building contractor to handle the project.

But how do you get the necessary financing for flipping? In the event you opt for an ordinary loan via a bank, you will wind up waiting around approximately one to two months up until the mortgage loan is approved and your funds are readily available. With all the sellers looking for a fast closing, that does not appear like a wise idea to you in the slightest.

With banks adding harder loan requirements in the past several years, it has become harder for a self-employed individual to obtain a home loan, particularly if his credit circumstances are not optimal. So do you have to admit defeat and forego your desire to get into fix and flips? Under no circumstances, particularly while 76161 hard money loans can help you accomplish great things in the real estate world.

Should you put in an application for a hard money home loan in 76161, you will get what is probably most essential to real estate negotiations across the country — a very fast closing of around a couple weeks. Furthermore, hard money lenders are capable of doing lending up to 70% LTV of the home's valuation, as estimated by a credentialed third-party appraiser. On the surface, hard money real estate loans, with starting interest rates of 10%, seem to be costlier than bank lending products. But once you understand these loans are not long-term home loans, the interest rate tends to be misleading. Short-term loans of a couple months to a handful of years are best thought of as cost of capital, the same as all other expenses associated with a project. Right after you renovate and resell the home, recuperating this expense is just like recuperating the one for stainless steel appliances you placed into the house.

Moreover, even someone with bad credit can easily qualify for a hard money mortgage. As an alternative for focusing entirely on the borrower's credit score or wages, 76161 hard money lenders, who could be a privately owned company or an individual, say yes to a loan after analyzing the home value, its salability, its location, and the likelihood of recovering their capital in the event of foreclosure. The amount that a person can put upfront for the property, his past real estate experience, and selling price of equivalent homes in the area are various other details that go into establishing an applicant's suitability for a hard money real estate loan.

So in the event you run into a good and worthwhile flipping opportunity, rest assured you will have a hard money lender in 76161, ready to loan you the money that you need. Submit the form on this page or get in touch with us via phone to talk about your project.

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