Hard Money Loans in Marion

Suppose that you've run into this really great bargain on a fix and flip property located in a great location, and you happen to be either a seasoned real estate investor or a first-timer who hopes to try out flipping homes. You may have heard that professional property flippers, similar to the couple on HGTV's Flip or Flop, turn a remarkable average profit margin of around forty to fifty thousand dollars. And without a doubt, they are aided in a big way as a result of their professional knowledge, auction expertise and knowledge of hard money loans. However, you're convinced that your superb rehab and remodeling skills will assist you to do a superb job for this home — what's more, you already have arranged to have one of the best general contractors in the business to work on the job.

But financing is often a separate question entirely. When you get in touch with a customary lender, such as a bank for a loan, it likely will take, at the very least, 4-8 weeks for the approval to be completed and your funds to be sent out. Considering that all the sellers want a fast closing, that doesn't seem like a good option to you at all.

With banks adding harder loan requirements in recent times, it has become tougher for a self-employed individual to obtain a home loan, especially when his credit score is not optimal. So will a lack of funding stop you from sticking with your ambitions? Never, on the grounds that you could always use the Marion hard money loan approach to pay for your rehab project.

A hard money home loan in Marion provides you with what's probably most sought after by real estate investors — a fast closing time of as little as two weeks. Furthermore, hard money lenders are capable of doing loans up to 70% LTV of the property's valuation, as estimated by a licensed third-party evaluator. Some people regard hard money real estate loans to be more costly than customary financing, considering lending rates for such loans normally start at 10%. But in reality, the interest rate isn't as useful a measure for these loans, simply because they will never be long-term financing. Short-term loans of several months to a handful of years are best thought of as cost of capital, the same as all other expenses involved with a project. Once you have resold the property and have made a good financial gain, you'll be able to reclaim this expense from the property — the same as recovering the cost of brand-new appliances for the kitchen that you've installed.

In addition, even an individual with bad credit can easily qualify for a hard money mortgage. Marion hard money lenders don't take on a loan strictly on the basis of the customer's credit score — rather they also look at the property or home, its valuation and location, and the home's capability to pay back the loan without the assistance of the person. How much an individual can put down beforehand for the property or home, how much practical experience he has in real estate investing, and selling price of comparable properties in the same neighborhood are additional factors that go into establishing an individual's qualification for a hard money real estate loan.

So if you have stumbled upon a really great fixer-upper with a significant chance of returns, you have also discovered a hard money lender in Marion who is prepared to provide financing for your rehab project. Enter your info into the form or call us to talk about your project.

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.