Hard Money Loans in 77504

An outstanding deal on a fix and flip opportunity located in a good neighborhood shows up out of the blue — seems too good to be true. You've probably heard that competent house flippers, such as the couple on HGTV's Flip or Flop, turn a remarkable average return of around forty to fifty thousand dollars. And indeed, they are helped in a big way via their professional knowledge, auction expertise and knowledge of hard money loans. With that being said, you have also been developing your rehab and renovation skills, have a very good building contractor ready to go and are confident that you can do a stellar job for this home.

But where can you find the necessary capital for home flipping? For those who meet with a common lender, much like a bank for financing, it's likely going to take, at the very least, four to eight weeks for the approval to come through and the money to be accessible. Considering that the home owners want a fast closing, that doesn't appear like a wise idea to you at all.

With banks establishing tougher loan requirements in the past several years, it's become more difficult for a self-employed individual to obtain a home loan, especially if his credit circumstances are not optimal. So do you have to give up and abandon your aspiration to venture off into fix and flips? Certainly not, seeing as you always have the 77504 hard money loan option.

If you should get a hard money home loan in 77504, you're going to get what is perhaps most important to real estate transactions throughout the country — a very fast closing of approximately a couple weeks. Besides that, hard money lenders frequently agree to loans up to 70% LTV of the property's valuation, as identified by a certified third-party appraiser. On the surface, hard money real estate loans, with starting lending rates of 10%, could be seen as costlier than bank lending products. But in reality, the lending rate is not as pertinent for these loans, given that they aren't long-term financing. As it pertains to short-term loans of one or two years or even less, you should think about them identical to any kind of other expenditure for the project. When you have sold the house and have made a successful gain, you'll be able to recoup this expense from the home — similar to recuperating the cost of brand-new home appliances that you've installed.

Apart from this, hard money mortgages are easy qualifying, even if you have got a weak credit score. As an alternative for focusing only on the applicant's credit score or source of income, 77504 hard money lenders, who may be a privately owned company or an individual person, say yes to a loan after evaluating the home value, how easy it will be to market, its location, and the probability of getting back their money in case of foreclosure. On top of that, if the individual can demonstrate prior experience in equivalent real estate projects, can place down money towards the down payment, and the price of similar homes in the vicinity works to his benefit, he stands a very good likelihood of being approved to get a hard money real estate loan.

So in case you have found a wonderful fixer-upper with a significant prospect of returns, you have also discovered a hard money lender in 77504 that is happy to fund your rehab projects. Complete the contact form or give us a call to discuss the property you have in mind.

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