Hard Money Loans in Mexia

Suppose you've run across this excellent bargain on a fix and flip property in a great location, and you happen to be either a skilled real estate investor or a newbie who hopes to try out flipping houses. Expert property flippers, similar to the young married couple on Flip or Flop, HGTV's reality flipping series, are able to earn a profit of $40-$50k for the majority of homes. No need to explain that their rehabbing experience, understanding of hard money loans, familiarity with the housing market, and auction skills have had an important part in their success. With that being said, you have likewise been brushing up your rehab and renovation skills, have a contractor ready for the project and are confident that you're capable of doing a great job on this home.

But where can real estate investors get money? A traditional lender, like for example a bank, takes no less than 1-2 months to consent to the financing and release the money. With all the sellers seeking a fast closing, that doesn't appear to be a wise idea to you in the slightest.

To add to it, banks have been tightening their lending standards as of late, rendering it more tough for someone to receive a regular loan if their credit circumstances are not flawless or he doesn't have a regular salaried occupation. So will a shortage of funding prevent you from sticking to your ambitions? By no means, on the grounds that you can always use the Mexia hard money loan approach to fund your flipping project.

If you should opt for a hard money home loan in Mexia, you will get what is possibly most vital to real estate offers across the country — a very fast closing of about 14 days. Also, hard money lenders are capable of doing loans up to 70% LTV of the home value, as calculated by a credentialed third-party evaluator. On the surface, hard money real estate loans, with starting lending rates of 10%, could be seen as higher in price than bank lending options. But if you consider these are not long-term mortgage loans, the rate may be misleading. The price of such short-term loans should be evaluated on par with any other financial outlay that you would need to meet pertaining to the project. When you have resold the house and have made a positive return, you're able to get back this expense from the home — the same as recouping the money spent on the brand-new kitchen appliances that you've installed.

Besides, hard money mortgages are easy qualifying, even if you posses below-average credit. The applicant's credit score is not the single determining factor for Mexia hard money lenders — additionally, they evaluate the home, its market value, where it is located, and its potential to return their financial commitment if things do not go as planned. Adding to this, if the borrower have proven experience in equivalent real estate endeavors, can put down money for a down payment, and the cost of comparable homes in the neighborhood works to his benefit, he has got a really good chance of qualifying for a hard money real estate loan.

If you happen to have stumbled upon a really great fixer-upper with a significant probability of returns, you've also stumbled upon a hard money lender in Mexia that's prepared to provide financing for your flipping project. Submit the contact form or get in touch with us via phone to discuss your property or properties.

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