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Imagine you've stumbled upon this really great deal 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 really wants to try his hand at flipping. You've probably heard that veteran home flippers, much like the married couple on HGTV's Flip or Flop, turn an impressive average profit of around $40,000 – $50,000. And yes, they are aided in a big way as a result of their professional experience, auction abilities and familiarity with hard money loans. Still, your rehab and remodeling skills aren't that bad either — besides, you've already located the right building contractor to start the project.
But financing is usually a different issue entirely. For those who apply for an ordinary bank loan, you will end up waiting somewhere around 4-8 weeks until eventually the money is authorized and your funds are accessible. Thus if you happen to be expecting a fast closing, you need to understand that this will cost you a few weeks, making you miss out on the opportunity.
What's more, if you have a sub-optimal credit situation or don't receive a conventional income, it usually is more challenging to obtain a bank loan, considering the tighter loan requirements banks have issued of late. So should you stop trying and forego your ambition to embark into the real estate market? Never, because you could always go the Oklahoma hard money loan route to pay for your flipping project.
When you get a hard money home loan in Oklahoma, you'll get what is possibly most essential to real estate negotiations across the country — a fast closing of around fourteen days. Plus, the LTV value can range up to 70% of the property's valuation, as determined by a certified appraiser. Some people believe hard money real estate loans to be costlier than regular loans, considering interest rates for these loans typically start off at 10%. But the lengths of these loans tend to be much shorter, which means the interest rate is far less significant. As it pertains to short-term loans of several years or less, you should think of them identical to any sort of other expense for the project. Right after you fix up and unload the home, recouping this expense is no different than recuperating the one for stainless steel appliances you put in the house.
In addition, even a person with weak credit will be able to qualify for a hard money mortgage. Oklahoma hard money lenders do not take on a loan exclusively according to the borrower's credit score — instead they additionally examine the property or home, its valuation and location, and the property's ability to pay back the loan independent of the borrower. Adding to this, if the applicant can demonstrate past experience in similar real estate projects, can place down money for the down payment, and the value of similar houses in the vicinity works in his favor, he has a really good chance of being eligible for a hard money real estate loan.
So in case you have stumbled on a really great real estate opportunity with a significant prospect of returns, you've also found yourself a hard money lender in Oklahoma who's happy to fund your fix and flip project. Submit the contact form or call us to discuss the property you have in mind.
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