Hard Money Loans in 77029

There is this phenomenal possibility for fixing and flipping this wonderful outdated condo in a very good part of town and it seems a lot like the one you have been wanting for a long time. Professional property flippers, much like the young married couple on Flip or Flop, HGTV's reality flipping series, are able to haul in a gain of forty to fifty grand as an average on more than one occasion. And indeed, they are aided in a major way by their professional experience, auction abilities and familiarity with hard money loans. Nevertheless, you are certain that your superb rehab and remodeling abilities will assist you to do an outstanding job for this property — what's more, you already have arranged to have one of the best building contractors in town to work on this job.

But where can you get the necessary capital for flipping? A conventional lender, for instance a bank, takes a minimum of 1 to 2 months to authorize the loan and release the capital. So if you will be hoping for a fast closing, you need to understand that this could set you back by a couple weeks, causing you to miss out on the opportunity.

Moreover, if you have an unfavorable credit situation or do not receive a conventional income, it can be tougher for you to be eligible for bank financing, with the more stringent loan requirements banks have put in place of late. So does that leave you with no option, but to give up your aspiration of getting into rehabbing? Certainly not, on the grounds that you can always go the 77029 hard money loan route to pay for your rehab project.

A hard money home loan in 77029 provides you with what's perhaps most desired by real estate investors — a fast closing time period of as little as 14 days. What's more, the LTV value can reach up to 70% of the home's valuation, as estimated by a certified appraiser. With lending rates starting out at about 10%, hard money real estate loans might appear, at first, to be more expensive in comparison with conventional bank loans. But when you consider these loans are not long-term mortgage loans, the rate tends to be misleading. The price tag on such short-term loans should be looked at on par with every other cost that you might encounter in the course of the project. And when you've turned the property, recovering this expense is identical to recuperating the expense for all the bathroom or other improvements you performed.

Furthermore, even a person with poor credit can still qualify for a hard money mortgage. As an alternative for focusing solely on the borrower's credit score or net income, 77029 hard money lenders, who can be a private company or an individual person, approve a loan as a result of analyzing the home value, its salability, its location, and the odds of getting back their capital should they have to foreclose the loan. Other criteria that impact a borrower's approval for a hard money real estate loan include how much money he can put towards a down payment, his past experience being a real estate investor, and price of comparable, just recently sold homes in the neighborhood.

Finding a hard money lender in 77029 to help with expenses for your fix and flip endeavor is not very challenging, so long as the opportunity that lies before you is promising and has a good prospect for returns. Submit the contact form or call us to discuss the property or properties you have in mind.

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