Hard Money Loans in Oxford

A fantastic buy on a fix and flip opportunity located in a good area of the city shows up out of the blue — sounds too good to be true. Professional home flippers, similar to the young married couple on Flip or Flop, HGTV's reality flipping show, are capable of earning a profit of forty to fifty grand on average. Naturally, you also understand that their success can be credited to the simple fact that they are professionals, are proficient in hard money loans, they understand the marketplace really well and they also know how to work a public auction to purchase their properties at a reasonable deal. However, you're assured that your superb rehab and renovation knowledge can help you do an outstanding job for this project — furthermore, you already have lined up one of the finest building contractors in town to take on this job.

But where precisely can real estate investors obtain funding? When you opt for a conventional bank loan, you will end up waiting roughly 1 to 2 months before the loan is authorized and the funds are ready. Thus if you happen to be wishing for a fast closing, it is important you recognize that this will cost you a couple weeks, causing you to lose out on the house.

As well as this, should you have a sub-optimal credit situation or don't receive a regular income, it can be more challenging for you to qualify for bank financing, with the more stringent loan guidelines banks have issued in recent times. So should you admit defeat and forego your dream to venture into fix and flips? Never, due to the fact you could always go the Oxford hard money loan route to finance your rehab project.

A hard money home loan in Oxford promises what's possibly most sought after by real estate investors — a quick closing in as few as two weeks. What's more, the LTV value can range up to 70% of the property value, as determined by a certified appraiser. At first glance, hard money real estate loans, with starting lending rates of 10%, seem to be higher in price than bank loans. But the time frames of these loans tend to be comparatively shorter, making the rate less significant. As it pertains to short-term loans of one or two years or less, you should think about them identical to any kind of other expense for the project. After you renovate and sell the home, recouping this expense is no different than recuperating the cost of the stainless steel appliances you installed in the property.

Furthermore, even individuals with low credit can still qualify for a hard money mortgage. Oxford hard money lenders do not authorize a loan solely judging by the borrower's credit score — rather they additionally assess the home, its location and value, and the home's ability to pay back the loan by itself. Adding to this, if the individual can demonstrate prior experience in equivalent real estate endeavors, can put down cash for the down payment, and the price of similar homes in the vicinity works to his benefit, he has got a very good chance of being approved to obtain a hard money real estate loan.

So in case you have stumbled upon an excellent fixer-upper with a high chance of returns, you have also stumbled upon a hard money lender in Oxford who's prepared to provide financing for your fix and flip project. Complete the contact form or call us and let's discuss your project.

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