There is this phenomenal possibility for fixing and flipping this wonderful outdated property or home in a very good area and it looks like the deal you have been expecting for quite some time. Professional property flippers, like the young couple on Flip or Flop, HGTV's reality flipping series, are capable of bringing in a profit of forty to fifty grand on average. And sure, they are helped in a major way as a result of their professional knowledge, auction skills and familiarity with hard money loans. With that being said, you've also been brushing up your rehab and renovation skills, have got a contractor arranged and are certain that you're capable of doing a great job for this house.

But money can be a different problem entirely. Should you approach a customary lender, like a bank for a loan, it's more than likely going to take, at a minimum, thirty to sixty days for the approval to be completed and your money to be dispersed. With the sellers wanting a fast closing, that does not appear like a wise idea to you at all.

Furthermore, in case you have a sub-optimal credit score or don't have a conventional income, it may be more difficult to obtain a bank loan, considering the more stringent loan criteria banks have introduced recently. So should you give up and forego your dream to embark into fix and flips? Not at all, especially while 77553 hard money loans can help you achieve many amazing things in the real estate world.

If you should get a hard money home loan in 77553, you have access to what is possibly most important to real estate offers throughout the country — a very fast closing of approximately 2 weeks. Plus, the LTV value can range up to 70% of the home value, as evaluated by a certified appraiser. At first glance, hard money real estate loans, with starting interest rates of 10%, appear to be more costly than bank financing. But in reality, the interest rate is not as useful a measure for these loans, since they will never be long-term loans. As it pertains to short-term loans of one or two years or less, you should think of them identical to any kind of other expenditure for the project. After you fix up and sell off the property, recuperating this expense is just like recouping the money you spent for stainless steel appliances you placed into the home.

What's more, it's easy to be eligible for a a hard money mortgage, even when your credit situation is not that superb. Rather than focusing solely on the applicant's credit score or wages, 77553 hard money lenders, who can be a private company or an individual, authorize a loan after examining the property value, its salability, its location, and the odds of recovering their money should they have to foreclose the loan. How much money a borrower can put upfront towards the property or home, how much practical experience he has in real estate investments, and price range of comparable homes in the same vicinity are various other details that go into establishing a borrower's suitability for a hard money real estate loan.

So any time you run into a really good and profitable investment opportunity, rest assured you'll have a hard money lender in 77553, able to loan you the money you'll need. Enter your info into the contact form or give us a call to talk about the property you have in mind.