There is this phenomenal possibility for renovating and flipping this nice outdated property in a fantastic area and it seems a lot like the one you have been expecting for quite some time. You may have heard that professional house flippers, similar to the husband and wife on HGTV's Flip or Flop, have a remarkable average profit margin close to $40,000 – $50,000. It's fair to say their rehabbing experience, knowledge of hard money loans, familiarity with the housing market, and auction skills have been large factors to their results. On the other hand, you are convinced that your impressive rehab and renovation talents can help you do an outstanding job on the project — furthermore, you've already arranged to have one of the most recommended contractors in the area to work on this project.

But financing is a different problem entirely. Should you apply for a normal loan from the bank, you will end up waiting approximately one to two months before the mortgage loan is approved and your money is readily available. Since the majority of home owners prefer a fast closing, you might have to start seeking out additional financing options.

Moreover, if you have an unfavorable credit rating or do not have a consistent source of income, it is usually tougher to be eligible for a a bank loan, seeing the tougher loan requirements banks have put in place in recent times. So do you have to stop trying and forego your dream to embark into fix and flips? Most certainly not, because you always have the Mount Airy hard money loan option.

If you put in an application for a hard money home loan in Mount Airy, you will get what is possibly most vital to real estate negotiations across the country — a very fast closing of about fourteen days. Further, loans can be made up to 70% loan-to-value of the "as is" property value, as established by a professional appraiser. A number of people regard hard money real estate loans to be higher in price than ordinary loans, because the lending rates for such loans normally start off at 10%. But once you appreciate that these loans are not long-term loans, the rate of interest tends to be misleading. Short-term loans of a couple months to a handful of years are best thought of as cost of capital, much like all other expenses associated with a project. Once you have sold the house and have made a good return, you'll be able to recoup this expense from the home — the same as recovering the cost of brand-new appliances for the kitchen that you've installed.

Additionally, it's simple to be eligible for a a hard money mortgage, regardless if your credit situation is not that great. As an alternative for focusing strictly on the person's credit score or source of income, Mount Airy hard money lenders, who can be a privately owned company or an individual, say yes to a loan after assessing the home value, ease of marketability, its location, and the possibility of recuperating their money in case of foreclosure. Adding to that, if the borrower have proven experience in comparable real estate projects, can put down money for the down payment, and the price of similar houses in the area works to his benefit, he will have a good chance of being eligible to get a hard money real estate loan.

So any time you run into a very good and worthwhile flipping opportunity, relax knowing you will have a hard money lender in Mount Airy, in a position to lend you the cash that you need. Complete the form on this page or call us and let's talk about the property you have in mind.