Hard Money Loans in 77244

There's this amazing possibility for rehabbing and flipping this nice out of date house in a fantastic part of town and it seems a lot like the deal you've been anticipating for quite a while. Expert house flippers, much like the young couple on Flip or Flop, HGTV's reality flipping program, are capable of generating a profit of forty to fifty grand on the majority of projects. Naturally, you also realize that their great results are attributed to the simple fact that they are professionals, are proficient in hard money loans, they understand market trends quite well and they also are good at working a public auction to purchase their houses at a reasonable deal. Nevertheless, you are assured that your impressive rehab and remodeling skills will help you do an outstanding job on this home — furthermore, you already have lined up one of the most recommended general contractors in the business to take care of this job.

But how can you obtain the needed funding for home flipping? For those who go after a traditional loan from the bank, you will end up waiting around somewhere around 1 to 2 months until the mortgage is authorized and your funds are accessible. Since the majority of home owners give preference to a fast closing, you might have to begin seeking out some other funding alternatives.

On top of this, banks have been tightening up their lending standards as of late, making it hard for people to get a conventional loan if their credit rating is not flawless or he doesn't have a regular salaried occupation. So does that leave you with no other option, but to abandon your dream of getting into the fix and flip business? Not at all, especially while 77244 hard money loans will assist you to realize many amazing things in the real estate market.

A hard money home loan in 77244 offers what's considered imperative to most real estate sales — a very fast closing of only a few weeks and sometimes less. Besides that, hard money lenders are able to do funding up to 70% LTV of the property's valuation, as assessed by a professional third-party appraiser. At first, hard money real estate loans, with starting lending rates of 10%, seem to be more expensive than bank loans. But if you consider these are not long-term loans, the interest rate may be misleading. The price tag on such short-term loans should be considered on par with any other financial outlay that you will have to meet pertaining to the project. After you fix up and sell off the house, recuperating this expense is no different than recovering the one for home appliances you installed in the place.

Apart from this, hard money mortgages are not hard to qualify for, even in the event you have bad credit. The borrower's credit score isn't the lone deciding factor for 77244 hard money lenders — they also consider the property, how much it is worth, where it is located, and its capability to bring back their financial commitment if everything does not work out as planned. The total amount that an individual can put upfront towards the property, his real estate experience, and selling price of equivalent properties in the same area are other factors that go into analyzing a person's eligibility for a hard money real estate loan.

So in the event you run into a good and worthwhile flipping opportunity, relax knowing you will have a hard money lender in 77244, equipped to lend you the money you need. Enter your info into the form or get in touch with us via phone and let's talk about your project.

Request More Information

A loan specialist will be in touch shortly

Personal Info

Project Info

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