You discovered this outstanding opportunity to renovate and flip this nice old condo in a fantastic area and it looks a lot like the one you've been eagerly waiting on for quite a while. Professional residential home flippers, much like the young married couple on Flip or Flop, HGTV's reality flipping series, are capable of bringing in a profit of forty to fifty grand on a consistent basis. Of course, you also are aware that their successes are credited to the fact that they're professionals, are knowledgeable in hard money loans, they understand the market quite well and furthermore, they are good at working a public auction to purchase their homes at a reasonable price. On the other hand, you're certain that your impressive rehab and remodeling skills will help you do a great job on this home — furthermore, you've already arranged to have one of the finest contractors in the area to take care of the project.

But money is a separate problem altogether. When you get in touch with a regular lender, like a bank for financing, it is in all likelihood going to take no less than thirty to sixty days for the acceptance to be completed and your money to be accessible. Because most home owners favor a fast closing, it may be best to begin looking for additional financing options.

Furthermore, for those who have a sub-optimal credit rating or don't have a regular source of income, it may be harder for you to obtain bank financing, seeing the more stringent loan guidelines banks have issued recently. So does that mean you are without an option, but to give up your aspiration to venture into flipping? Absolutely not, seeing as you also have the Nebraska City hard money loan option.

A hard money home loan in Nebraska City boasts what is possibly most sought after by real estate investors — a fast closing time period of as little as two weeks. Besides that, hard money lenders are capable of doing loans up to 70% LTV of the property or home value, as assessed by a certified third-party appraiser. A number of people regard hard money real estate loans to be higher priced than regular loans, because the lending rates for these loans often start at 10%. But the time frames of these loans tend to be comparatively shorter, making the rate far less significant. The price of such short-term loans ought to be considered on par with every other expenditure that you might encounter in the course of the project. After you renovate and sell off the property, recouping this expense is no different than recouping the expense for stainless steel appliances you installed in the home.

Also, it is easy to qualify for a hard money mortgage, even if your credit situation is not that impressive. Nebraska City hard money lenders do not authorize a loan solely according to the borrower's credit score — instead they also assess the home, its location and value, and the property's capability to pay back the financing independent of the borrower. How much money an individual can put upfront towards the property or home, how much practical experience he has in real estate investments, and selling price of equivalent properties in the same area are various other details that go into analyzing an applicant's eligibility for a hard money real estate loan.

Finding a hard money lender in Nebraska City to finance your renovation project is not difficult, assuming that the opportunity that lies before you is promising and has the right potential for returns. Fill out the contact form on this page or give us a call to discuss your property or properties.