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An outstanding deal on a fix and flip property located in a good subdivision suddenly turns up — sounds too good to be true. Professional home flippers, similar to the young couple on Flip or Flop, HGTV's reality flipping show, are capable of hauling in a profit of forty to fifty grand for the majority of homes. Undoubtedly, you also know that their success are credited to the simple fact that they are industry experts, are proficient in hard money loans, they understand the marketplace quite well and they also are good at working an auction for getting a reasonable deal. Nonetheless, your rehab and remodeling knowledge isn't that bad either — besides, you have already identified the right building contractor to start the project.
But where precisely do real estate investors obtain capital? If you apply for a traditional bank loan, you will wind up waiting around somewhere around 4-8 weeks until eventually the money is authorized and your funding is readily available. With all the home owners looking for a fast closing, that doesn't appear to be a wise idea to you at all.
To add to it, banks have been tightening up their lending requirements as of late, rendering it more hard for a person to get an ordinary loan if their credit circumstances are not flawless or he does not possess a regular salaried occupation. So will a lack of funds stop you from pursuing your aspirations? By no means, particularly while Kentucky hard money loans can help you realize many amazing things in real estate.
A hard money home loan in Kentucky boasts what is probably most desired by real estate investors — a quick closing time period of as little as 2 weeks. And additionally, loan amounts are made up to 70% loan-to-value of the "as is" property value, as calculated by a professional appraiser. With loan rates starting out at about 10%, hard money real estate loans may look, initially, to be higher in price compared to conventional bank financing. But usually, the rate of interest is not as relevant 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 about them the same as you would for every other expense for the project. And once you have turned the property or home, recouping this expense is the exact same as recovering the expense for the kitchen and bath upgrades you did.
Besides, hard money mortgages are not hard to qualify for, even if you have got bad credit. Kentucky hard money lenders do not authorize a loan exclusively on the basis of the customer's credit score — rather they also look at the home, where it is located and how much it is worth, and the property's capability to pay back the financing independent of the borrower. On top of this, if the applicant can demonstrate prior experience in similar real estate endeavors, can put down money for a down payment, and the price of comparative properties in the neighborhood works to his benefit, he will have a very good likelihood of qualifying for a hard money real estate loan.
So should you come across an outstanding and worthwhile flipping opportunity, rest assured you'll have a hard money lender in Kentucky, willing to lend you the cash you may need. Enter your info into the contact form on this page or call us to talk about your project.
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