Hard Money Loans in 77511

A remarkable buy on a fix and flip property located in a good subdivision all of a sudden shows up — sounds so good that it is difficult to believe. You've probably heard that professional home flippers, like the couple on HGTV's Flip or Flop, enjoy a remarkable average profit near $40,000 – $50,000. No need to explain that their rehabbing experience, knowledge of hard money loans, familiarity with the market, and auction skills have had a big part in their successes. Nonetheless, your rehab and renovation skills aren't bad either — in any case, you have already found an ideal licensed contractor to tackle this job.

But money is often a separate question entirely. If you approach a regular lender, like a bank for financing, it's more than likely going to take at least four to eight weeks for the acceptance to come through and the funds to be furnished. So if you will be anticipating a fast closing, you must realize that this will cost you a few weeks, causing you to miss out on the house.

As well as this, in case you have a sub-optimal credit score or do not receive a conventional source of income, it can be more challenging to obtain a bank loan, seeing the tighter loan criteria banks have put in place lately. So will inadequate funding keep you from following your ambitions? Absolutely not, given that you always have the 77511 hard money loan option.

A hard money home loan in 77511 boasts what's possibly most sought after by real estate investors — a quick closing time period of as little as a few weeks. Furthermore, hard money lenders can approve funding up to 70% LTV of the property's valuation, as assessed by a credentialed third-party evaluation. With lending rates starting off around 10%, hard money real estate loans may seem, at first, to be higher priced compared to conventional bank financing. But the time frames of these loans tend to be quite shorter, which makes the interest rate far less important. When it comes to short-term loans of 1 or 2 years or even less, you should consider them similar to any kind of other expense for the project. And once you have flipped the house, recovering this expense is the exact same as recouping the expense for all the bathroom upgrades you performed.

Furthermore, even someone with bad credit will be able to qualify for a hard money mortgage. 77511 hard money lenders don't authorize a loan strictly judging by the person's credit score — instead they also look at the home, its location and value, and the home's capacity to pay back the loan independent of the applicant. Adding to that, if the applicant have proven experience in comparable real estate endeavors, can put down money for a down payment, and the cost of comparable houses in the vicinity works in his favor, he will have a really good shot of being approved to get a hard money real estate loan.

Locating a hard money lender in 77511 to help with expenses for your real estate project is not difficult, provided that the opportunity before you is promising and boasts a good potential for returns. Enter your info into the form on this page 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.