Hard Money Loans in 78407

Suppose that you've run into this really great bargain on a fix and flip property in an ideal location, and you are either a seasoned real estate investor or a first-timer who hopes to try out flipping houses. Everyone knows that expert professional flippers, like Tarek and Christina El Moussa from HGTV's reality home flipping program, Fix or Flop, are able to make a typical profit of forty to fifty thousand dollars on their home projects. Without question, their past experiences rehabbing, understanding of hard money loans, expertise in their market, and auction skills have had an important role in their success. That said, you've recently been developing your rehab and remodeling knowledge, have a very good building contractor ready to go and are positive that you're capable of doing a stellar job on this house.

But how can you obtain the necessary financing for flipping? A traditional lender, say for example a bank, takes a minimum of 1 to 2 months to consent to the financing and release the capital. Thus if you are looking for a fast closing, you need to realize that this may cost you weeks, making you lose out on the sale.

What's more, in case you have an unfavorable credit rating or do not have a consistent income source, it can be more difficult to be eligible for bank financing, seeing the tighter loan criteria banks have issued lately. So does that leave you with no option, but to give up your ambition of getting into home renovating? Never, due to the fact you could always go the 78407 hard money loan route to fund your home flipping project.

A hard money home loan in 78407 offers you what is viewed as imperative to most real estate sales — a fast closing of only a 2-3 weeks and oftentimes less. Furthermore, hard money lenders frequently agree to lending up to 70% LTV of the property or home's valuation, as estimated by a licensed third-party evaluation. With the loan rates starting out near 10%, hard money real estate loans might seem, at first, to be more expensive compared to conventional bank lending products. But the lengths of these loans are rather short, which makes the rate less important. Short-term loans of a couple months to a handful of years are best approached in terms of cost of capital, the same as any other financial outlay associated with a project. And as soon as you've finally flipped the house, recouping this expense is the exact same as recouping the expense for the kitchen and bath improvements you did.

Apart from this, hard money mortgages are not hard to qualify for, even in the event you have got below-average credit. 78407 hard money lenders do not authorize a loan solely on the basis of the applicant's credit score — instead they also evaluate the home, its value and location, and the property's capability to pay back the loan by itself. Several other criteria that affect a customer's approval for a hard money real estate loan can include what amount of money he is able to put into a down payment, his previous experience being a real estate investor, and price of comparable, recently sold properties in the vicinity.

So if you have stumbled upon a really great real estate opportunity with a significant probability of returns, you've also found yourself a hard money lender in 78407 that is happy to finance your fix and flip projects. Enter your info into the contact form on this page or give us a call and let's talk about the property or properties you have in mind.

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.