Hard Money Loans in 79764

Imagine you've stumbled upon this excellent bargain for a fix and flip property in a great location, and you're either an experienced real estate investor or a newbie who really wants to try his hand at flipping. You may have heard that professional house flippers, such as the husband and wife on HGTV's Flip or Flop, enjoy a remarkable average profit of around forty to fifty thousand dollars. Of course, you also know that their great results can be attributed to the simple fact that they're experts, are knowledgeable in hard money loans, they know the marketplace quite well and additionally, they know how to work an auction for getting an appropriate deal. On the other hand, you're convinced that your superb rehab and renovation knowledge will assist you to do a superb job on this home — what's more, you already have arranged to have one of the finest general contractors in the business to take on this job.

But where do you get the needed financing for home flipping? A conventional lender, like for example a bank, takes a minimum of one to two months to approve the mortgage and release the money. Considering that all the sellers are seeking a fast closing, that does not seem like a good idea to you in the slightest.

With banks bringing in harder loan standards in the last few years, it is more difficult for a self-employed individual to get a home loan, especially when his credit situation is not perfect. So must you stop trying and forego your ambition to venture into fix and flips? Certainly not, due to the fact you can always go the 79764 hard money loan route to pay for your home renovating project.

A hard money home loan in 79764 provides what's regarded as imperative to many real estate sales — a very fast closing of only a few weeks and sometimes even less. Additionally, loan amounts can be done for up to 70% loan-to-value of the "as is" house's valuation, as determined by a professional appraiser. Some individuals believe hard money real estate loans to be more expensive than standard loans, since the interest rates for such loans generally start at 10%. But the time frames of these loans are quite short, making the rate much less significant. Short-term loans of a couple months to a few years are best looked at as cost of capital, very much like every other expense involved with a project. Once you've resold the property or home and have made a successful return, you'll be able to recoup this expense from the property — just like recovering the cost of brand-new home appliances that you put in.

What's more, it is simple to qualify for a hard money mortgage, regardless if your credit score is not that impressive. Rather than focusing entirely on the borrower's credit score or source of income, 79764 hard money lenders, who may be a private company or an individual, approve a loan after evaluating the home value, how easy it will be to market, its location, and the odds of recouping their capital in case of foreclosure. How much a person can put down beforehand for the property or home, his past real estate experience, and selling price of comparable homes in the same vicinity are additional details that go into determining a person's qualification for a hard money real estate loan.

Finding a hard money lender in 79764 to finance your renovation project is not hard, assuming that the opportunity that lies ahead of you is promising and has a strong potential for returns. Complete the form or get in touch with us via phone to talk about the project 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.