Hard Money Loans in 77203

Imagine you've run into this excellent bargain on a fix and flip property you found in an ideal neighborhood, and you're either a skilled real estate investor or a first-timer who is looking to try out flipping homes. A majority of people know that skilled professional flippers, like Tarek and Christina El Moussa from HGTV's reality home flipping show, Fix or Flop, are able to earn a typical profit of forty to fifty thousand dollars on their flips. And yes, they are aided in a major way by their professional experience, auction skills and understanding of hard money loans. Having said that, you've also been brushing up your rehab and renovation skills, have a contractor arranged and are positive that you can do a great job for this home.

But how do you find the necessary financing for flipping? A conventional lender, say for example a bank, takes a minimum of one to two months to approve the mortgage and deliver the cash. Due to the fact the home owners are wanting to find a fast closing, that doesn't appear like a good idea to you in the slightest.

With banks introducing more challenging loan criteria in the recent past, it is much harder for a self-employed person to get a home loan, especially when his credit situation is not optimal. So should you stop trying and abandon your ambition to venture off into real estate? Under no circumstances, especially while 77203 hard money loans can help you accomplish many amazing things in the real estate market.

A hard money home loan in 77203 gives you what is deemed imperative to most real estate deals — a quick closing of just a 2-3 weeks and at times less. Additionally, financing is made up to 70% loan-to-value of the as-is property's valuation, as determined by a professional appraiser. At first glance, hard money real estate loans, with starting lending rates of 10%, appear to be higher in price than bank lending options. But the time frames of these loans tend to be rather short, which means the interest rate is far less important. When it comes to short-term loans of several years or less, you should think about them just like you would other expenditures for your project. Right after you remodel and sell the home, recovering this expense is the same as recouping the expense for home appliances you put in the house.

Besides, hard money mortgages are easy qualifying, whether or not you posses a weak credit score. The applicant's credit score will not be the primary determining factor for 77203 hard money lenders — in addition, they analyze the property, its market valuation, its location, and its capacity to bring back their investment if everything does not work out as planned. Adding to this, if the applicant have proven experience in comparable real estate projects, can place down money for a down payment, and the value of comparative houses in the vicinity works in his favor, he has an excellent likelihood of qualifying to obtain a hard money real estate loan.

So in the event you run into a good and lucrative investment opportunity, relax knowing you will have a hard money lender in 77203, equipped to loan you the capital you may need. Complete 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.