Suppose you've come across this really great bargain for a fix and flip property in a terrific location, and you happen to be either an experienced real estate investor or a newbie who really wants to try out flipping houses. You've heard that competent home flippers, similar to the husband and wife on HGTV's Flip or Flop, turn a remarkable average profit close to $40,000 – $50,000. Without question, their past experiences rehabbing, knowledge of hard money loans, expertise in their market, and auction skills have had a big part in their results. That said, you have likewise been brushing up your rehab and renovation knowledge, have a general contractor arranged and are certain that you can do a great job for this home.

But how do you get the necessary financing for flipping? A conventional lender, like for example a bank, takes at least 1-2 months to authorize the loan and deliver the capital. With all the home owners wanting a fast closing, that doesn't appear to be a great idea to you whatsoever.

With banks bringing in more challenging loan requirements in the past several years, it is now more difficult for a self-employed person to obtain a home loan, especially if his credit situation is not perfect. So does that mean you have no option, but to abandon your ambition of getting into home renovating? Under no circumstances, especially while New Britain hard money loans enable you to achieve many amazing things in the real estate market.

A hard money home loan in New Britain offers you what is considered essential to many real estate transactions — a fast closing of only a few weeks and more often than not less. Furthermore, hard money lenders can do funding up to 70% LTV of the home's valuation, as established by a licensed third-party appraiser. With the loan rates starting out around 10%, hard money real estate loans may seem, at first glance, to be higher in price in comparison with traditional bank loans. But in reality, the rate of interest is not as relevant for these loans, because they aren't long-term loans. The cost of such short-term loans should be considered much like every other expense that you will have to meet pertaining to the project. After you renovate and sell the house, recuperating this expense is no different than recovering the one for stainless steel appliances you put in the house.

Apart from this, hard money mortgages are easy qualifying, regardless if you posses poor credit. New Britain hard money lenders don't authorize a loan strictly based on the customer's credit score — rather they will examine the property, its value and location, and the property's ability to pay back the financing without the assistance of the applicant. Several other criteria that have an impact on a borrower's acceptance for a hard money real estate loan can include how much he can put towards a down payment, his previous experience being a real estate investor, and selling price of similar, fairly recently sold properties in the vicinity.

So should you run into a very good and worthwhile flipping opportunity, be assured you'll have a hard money lender in New Britain, willing to lend you the cash you may need. Complete the form on this page or give us a call to talk about your property.