Hard Money Loans in 79946

An incredible deal on a fix and flip property in a good area of the city shows up out of the blue — sounds so good that it is hard to believe. Everyone knows that capable professional flippers, like Tarek and Christina El Moussa who do HGTV's reality flipping series, Fix or Flop, can make an average profit margin of $40,000 to $50,000 in their rehab business. Of course, you also are aware that their successes are attributed to the simple fact that they are industry experts, are knowledgeable in hard money loans, they understand market trends really well and furthermore, they are good at working a public auction to purchase their homes at a reasonable deal. That said, you've recently been developing your rehab and remodeling knowledge, have a very good licensed contractor ready for the project and are certain that you're capable of doing a stellar job for this house.

But how do you find the necessary funding for flipping? For those who approach a customary lending institution, like a bank for financing, it is more than likely going to take, at the very least, 30-60 days for your acceptance to come through and your funds to be given out. So if you are wishing for a fast closing, you must realize that this will cost you a couple of weeks, causing you to lose out on the sale.

On top of this, banks have been tightening their lending criteria as of late, which makes it challenging for a person to obtain a traditional loan if their credit rating is not perfect or he is lacking a consistent salaried occupation. So does this leave you with no other option, but to drop your dream to venture into the fix and flip business? Never, due to the fact you can always go the 79946 hard money loan route to pay for your home flipping project.

A hard money home loan in 79946 provides what's possibly most desired by real estate investors — a quick closing time of as little as a few weeks. Further, financing is made up to 70% loan-to-value of the "as is" value, as calculated by a professional appraiser. With rates starting out around 10%, hard money real estate loans may seem, at first glance, to be higher in price in comparison with traditional bank financing. But usually, the lending rate isn't as useful a measure for these loans, simply because they will never be long-term loans. Short-term loans of several months to a few years are best approached in terms of cost of capital, very much like every other expenditure involved with a project. And once you've sold the home, recuperating this expense is the exact same as recovering the expense for the kitchen and bath updates you performed.

Besides, hard money mortgages are easy qualifying, whether or not you have very bad credit. Instead of focusing primarily on the borrower's credit score or wages, 79946 hard money lenders, who may be a privately owned company or an individual person, approve a loan as a result of examining the home value, ease of marketability, its location, and the possibility of recouping their money should they have to foreclose the loan. How much of their own money an applicant can put down in advance for the home, his past real estate experience, and price range of comparable homes in the same neighborhood are other factors that go into ascertaining an applicant's qualification for a hard money real estate loan.

Finding a hard money lender in 79946 to finance your real estate project is not difficult, provided that the opportunity before you is promising and has a strong potential for returns. Fill out the contact form on this page or call us and let's talk about the project you have in mind.

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