Hard Money Loans in 76487
There is this outstanding possibility for renovating and flipping this nice old property or home in a good part of town and it looks a lot like the deal you have been anticipating for quite a while. You've heard that professional house flippers, like the couple on HGTV's Flip or Flop, enjoy a remarkable average return of around forty to fifty thousand dollars. And sure, they are helped in a big way as a result of their professional know-how, auction abilities and familiarity with hard money loans. Nonetheless, your rehab and remodeling skills aren't that bad either — in any case, you've already found the right licensed contractor to take on this project.
But how do you obtain the needed capital for home flipping? When you apply for a traditional loan via a bank, you will wind up waiting roughly one to two months until eventually the money is approved and your funds are readily available. With all the home owners seeking a fast closing, that does not appear to be a good option to you whatsoever.
What's more, for those who have a less-than-perfect credit score or do not receive a routine source of income, it usually is more challenging for you to obtain a bank loan, considering the more stringent loan criteria banks have put in place in recent times. So does that leave you with no option, but to give up your dream of getting into the fix and flip business? Most certainly not, given that you also have the 76487 hard money loan alternative.
Should you put in an application for a hard money home loan in 76487, you'll get what's perhaps most important to real estate purchases across the country — a fast closing of roughly 14 days. Furthermore, hard money lenders can approve funding up to 70% LTV of the property or home value, as estimated by a professional third-party evaluator. On the surface, hard money real estate loans, with starting lending rates of 10%, seem to be more pricey than bank financing. But when you appreciate that these are not long-term mortgage loans, the rate may be misleading. When it comes to short-term loans of 1 or 2 years or less, you should think about them identical to any other expenditure for the project. Right after you rehab and unload the home, recouping this expense is just like recouping the expense for stainless steel appliances you placed into the property.
Additionally, it isn't difficult to be eligible for a a hard money mortgage, even when your credit score is not that superb. The person's credit score will not be the sole determining factor for 76487 hard money lenders — in addition, they examine the piece of real estate, its market value, where it is located, and its capability to earn back their investment if everything does not go as planned. The total amount that a borrower can put down beforehand towards the property, his past real estate experience, and selling price of equivalent properties in the vicinity are other details that go into establishing a person's qualification for a hard money real estate loan.
So in case you have found a really great real estate opportunity with a high probability of returns, you've also stumbled upon a hard money lender in 76487 who is happy to finance your fix and flip venture. Complete the form or call us to discuss the property or properties you have in mind.
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