You discovered this phenomenal opportunity to fix and flip this nice old condo in a very good part of town and it seems like the one you have been expecting for quite some time. Professional house flippers, similar to the young married couple on Flip or Flop, HGTV's reality flipping show, are capable of bringing in a gain of $40-$50k for the majority of homes. Naturally, you also are aware that their results are due to the fact that they are experts, are knowledgeable in hard money loans, they understand the market quite well and furthermore, they are good at working an auction for getting a good deal. With that being said, you've recently been developing your rehab and remodeling skills, have got a general contractor lined up and are confident that you will be able to do a bang up job on this house.

But how do you get the needed financing for home flipping? If you apply for a normal bank loan, you will need to wait around somewhere around one to two months until the money is authorized and your funding is readily available. Because most sellers would rather have a fast closing, you may have to begin searching for some other funding options.

On top of this, banks have already been tightening up their lending requirements in recent years, making it challenging for a person to receive a typical loan if their credit circumstances are not perfect or he is lacking a consistent salaried job. So should you give up and abandon your ambition to embark into the real estate market? By no means, considering that you can always use the 76181 hard money loan approach to pay for your rehab project.

Should you apply for a hard money home loan in 76181, you'll get what is perhaps most important to real estate purchases throughout the country — a very fast closing of about a couple weeks. Further, loans can be done for up to 70% loan-to-value of the "as is" home's valuation, as determined by a licensed appraiser. Some people believe hard money real estate loans to be more costly than ordinary loans, because the interest rates for such loans commonly start out at 10%. But in reality, the interest rate isn't as relevant for these loans, because they aren't long-term loans. The price of such short-term loans should be viewed much like any other expense that you would need to meet pertaining to the project. And as soon as you have sold the home, recouping this expense is identical to recouping the expense for all the bathroom upgrades you did.

Aside from that, hard money mortgages are easy qualifying, even when you have got below-average credit. The customer's credit score is not the primary deciding factor for 76181 hard money lenders — additionally, they look at the piece of real estate, its market value, its location, and its capability to bring back their investment if things do not work out as planned. Additional variables that influence a customer's approval for a hard money real estate loan include what amount of money he is able to put into a down payment, his prior experience as a real estate investor, and selling price of comparable, just recently sold properties in the area.

Finding a hard money lender in 76181 to finance your fix and flip endeavor is not very hard, as long as the opportunity that lies before you is promising and boasts a strong potential for returns. Fill out the form or get in touch with us via phone to discuss your project.