Hard Money Loans in 77209

Suppose that you've encountered this really great deal for a fix and flip property in an ideal neighborhood, and you're either a seasoned real estate investor or a first-timer who wants to try his hand at flipping. You've heard that competent property flippers, similar to the married couple on HGTV's Flip or Flop, have a remarkable average profit close to $40,000 – $50,000. And sure, they are aided in a major way due to their professional experience, auction expertise and familiarity with hard money loans. Nonetheless, your rehab and remodeling skills aren't that bad either — in any case, you've already identified an ideal general contractor to handle the project.

But where do you find the needed capital for home flipping? If you meet with a regular lending institution, much like a bank for financing, it can take, at a minimum, four to eight weeks for the approval to come through and your money to be furnished. Since the majority of sellers prefer a fast closing, you might want to start looking for other funding options.

To add to it, banks have already been tightening up their lending standards in recent times, making it difficult for someone to obtain an ordinary loan if their credit circumstances are not flawless or he is lacking a regular salaried profession. So does that leave you with no option, but to drop your aspiration of getting into flipping? By no means, because you can always use the 77209 hard money loan approach to finance your rehab project.

If you put in an application for a hard money home loan in 77209, you have access to what is possibly most important to real estate purchases throughout the country — a quick closing of roughly two weeks. What's more, the LTV value can go up to 70% of the property's valuation, as evaluated by a certified appraiser. On the surface, hard money real estate loans, with starting interest rates of 10%, appear to be higher priced than bank lending options. But the lengths of these loans are rather short, which means the interest rate is much less important. The price of such short-term loans should be viewed on par with any other expense that you will have to meet for the project. And once you have finally turned the home, recovering this expense is comparable to recouping the expense for the bathroom or other improvements you performed.

Furthermore, even individuals with low credit will be able to qualify for a hard money mortgage. 77209 hard money lenders don't take on a loan strictly according to the applicant's credit score — instead they will assess the property, where it is located and what it is worth, and the home's capability to pay back the financing by itself. Additional variables that affect an individual's approval for a hard money real estate loan can include the amount he is in a position to put into a down payment, his former experience being a real estate investor, and price range of comparative, just recently sold homes in the vicinity.

If you happen to have stumbled on a really great home to flip with a huge chance of returns, you've also found yourself a hard money lender in 77209 who's ready to provide funding for your flipping ventures. Enter your info into the contact form on this page or give us a call and let's discuss your project.

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