Hard Money Loans in Mayfield

There is this phenomenal opportunity to fix and flip this wonderful outdated home in a very good area and it looks a lot like the one you have been wanting for quite some time. You've heard that veteran home flippers, similar to the couple on HGTV's Flip or Flop, turn an impressive average profit margin close to $40,000 – $50,000. Undoubtedly, you also recognize that their results can be attributed to the fact that they're professionals, are proficient in hard money loans, they know market trends quite well and they also know how to work a public auction to buy their properties at a reasonable deal. That said, you've likewise been developing your rehab and remodeling knowledge, have got a contractor arranged and are certain that you can do a great job on this home.

But where do you obtain the necessary financing for flipping? Should you opt for a normal loan from the bank, you will need to wait approximately 4-8 weeks until eventually the mortgage is authorized and your funding is readily available. Since most home owners favor a fast closing, you might have to begin seeking out other funding alternatives.

What's more, for those who have a sub-optimal credit situation or do not receive a routine income, it can be harder to be eligible for a bank financing, seeing the more stringent loan criteria banks have introduced as of late. So will a shortage of funding prevent you from sticking to your dream? Certainly not, seeing as you also have the Mayfield hard money loan alternative.

A hard money home loan in Mayfield promises what's probably most desired by real estate investors — a quick closing in as few as two weeks. And additionally, financing is made up to 70% loan-to-value of the "as is" house value, as calculated by a licensed appraiser. Some people believe hard money real estate loans to be more costly than regular financing, because the interest rates for such loans normally start off at 10%. But usually, the lending rate isn't as relevant for these loans, simply because they will never be long-term loans. The cost of such short-term loans should be considered on par with any other cost that you would have to meet for the project. And as soon as you have turned the property, recovering this expense is identical to recouping the expense for the kitchen and bath updates you did.

Also, it is easy to be eligible for a hard money mortgage, even in the event your credit score is not that extraordinary. As an alternative for focusing exclusively on the person's credit score or wages, Mayfield hard money lenders, who may be a private company or an individual person, approve a loan as a result of examining the property value, ease of marketability, its location, and the possibility of getting back their capital in the event of foreclosure. Adding to that, if the person have proven experience in equivalent real estate endeavors, can put down cash towards the down payment, and the price of similar properties in the vicinity works to his benefit, he stands an excellent shot of being approved to get a hard money real estate loan.

Finding a hard money lender in Mayfield to help with expenses for your flipping business is not difficult, assuming that the opportunity that lies ahead of you is promising and offers a strong potential for returns. Complete the form or give us a call to discuss your property or properties.

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