Hard Money Loans in Oak Hill

There is this outstanding possibility for rehabbing and flipping this nice old property in a fantastic area and it looks a lot like the one you've been wanting for a long time. Most folks know that knowledgeable professional flippers, such as Tarek and Christina El Moussa who star in HGTV's reality flipping show, Fix or Flop, are able to turn a typical profit of $40,000 to $50,000 in their rehab business. It's fair to say their rehabbing experience, understanding of hard money loans, expertise in their market, and auction skills have played a significant role in their success. However, you are certain that your superb rehab and remodeling abilities will enable you to do an outstanding job on the project — what's more, you've already arranged to have one of the most suggested contractors in town to work on this job.

But financing is often a different issue entirely. When you meet with a standard lending institution, much like a bank for financing, it is more than likely going to take no less than 30-60 days for the acceptance to be completed and your money to be furnished. Since most sellers favor a fast closing, it may be best to start looking for some other funding options.

On top of this, banks have already been tightening their lending standards in recent times, making it difficult for a person to receive a traditional home loan if their credit situation is not flawless or he doesn't have a consistent salaried job. So will inadequate financing stop you from pursuing your dream? Under no circumstances, particularly when Oak Hill hard money loans enable you to achieve great things in real estate.

A hard money home loan in Oak Hill offers you what's considered vital to many real estate deals — a quick closing of just a 2-3 weeks and at times less. Aside from that, loan amounts can be made up to 70% loan-to-value of the "as is" house value, as deemed by a professional appraiser. At first, hard money real estate loans, with starting interest rates of 10%, appear to be higher priced than bank loans. But the time frames of these loans tend to be fairly short, which means the rate is much less significant. Short-term loans of a couple months to a few years are best looked at in terms of cost of capital, very much like all other expenses in connection with a project. After you renovate and sell off the home, recouping this expense is the same as recouping the one for stainless steel appliances you put in the home.

Aside from that, hard money mortgages are not difficult to qualify for, even when you have less-than-perfect credit. The person's credit score isn't the sole determining factor for Oak Hill hard money lenders — in addition, they analyze the property, its market valuation, its location, and its potential to earn back their financial commitment if things do not work out as intended. Other variables that affect an individual's eligibility for a hard money real estate loan include the amount he is able to put into a down payment, his prior experience being a real estate investor, and selling price of comparative, fairly recently sold homes in the neighborhood.

So any time you come across a good and worthwhile flipping opportunity, rest assured you'll have a hard money lender in Oak Hill, able to lend you the cash you may need. Fill out the form on this page or give us a call and let's talk about the property you have in mind.

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