Hard Money Loans in Locust Grove

There's this phenomenal opportunity to renovate and flip this nice outdated condo in a good area and it seems a lot like the deal you've been looking forward to for quite some time. A majority of people know that knowledgeable professional flippers, along the lines of Tarek and Christina El Moussa who star in HGTV's reality home flipping series, Fix or Flop, can turn a typical profit margin of $40,000 to $50,000 on their flips. It's fair to say their past experiences rehabbing, understanding of hard money loans, familiarity with the market, and auction skills have been major factors to their success. Nonetheless, your rehab and remodeling knowledge isn't that bad either — aside from that, you've already located the right contractor to start this home.

But money is often a separate question entirely. Should you apply for a normal loan from the bank, you will end up waiting roughly 1-2 months until the financing is approved and your funding is accessible. With all the sellers seeking a fast closing, that doesn't seem like a great idea to you at all.

With banks introducing more challenging loan criteria in the past several years, it's become more difficult for a self-employed individual to find a mortgage loan, particularly if his credit score is not flawless. So will a shortage of funding prevent you from pursuing your dream? Definitely not, seeing as you also have the Locust Grove hard money loan alternative.

A hard money home loan in Locust Grove boasts what is perhaps most important to real estate investors — a fast closing time period of as few as 14 days. What's more, the LTV value can go up to 70% of the place's valuation, as determined by a credentialed appraiser. Some individuals believe hard money real estate loans to be higher priced than standard loans, considering interest rates for such loans often start out at 10%. But if you understand these are not long-term loans, the rate can be misleading. When it comes to short-term loans of one or two years or even less, you should think about them identical to any sort of other expense for the project. And as soon as you have turned the property, recovering this expense is identical to recouping the expense for all the kitchen and bath upgrades you performed.

Besides, hard money mortgages are easy qualifying, even in the event you posses a bad credit score. The person's credit score isn't the single deciding factor for Locust Grove hard money lenders — they also consider the home, its market value, where it is located, and its capacity to bring back their investment if things should not work out as intended. On top of this, if the borrower have proven experience in similar real estate endeavors, can put down cash towards the down payment, and the cost of similar properties in the area works in his favor, he will have a very good chance of qualifying for a hard money real estate loan.

So any time you run into a very good and profitable flipping opportunity, feel comfortable knowing you'll have a hard money lender in Locust Grove, equipped to loan you the money that you need. Submit the contact form or give us a call and let's discuss your property.

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