Hard Money Loans in Peekskill

Suppose that you've run into this really great bargain for a fix and flip property you found in a terrific location, and you happen to be either a skilled real estate investor or a first-timer who hopes to try out flipping houses. You may have heard that professional house flippers, much like the husband and wife on HGTV's Flip or Flop, turn an impressive average return near $40,000 – $50,000. It's fair to say their past experiences rehabbing, knowledge of hard money loans, expertise in their housing market, and auction talents have played a significant part in their results. Nonetheless, your rehab and remodeling skills aren't that bad either — aside from that, you have already located an ideal building contractor to tackle this project.

But how do you get the needed funding for flipping? A standard lender, like for example a bank, takes no less than 1 to 2 months to approve the financing and deliver the capital. Considering that all the home owners are looking for a fast closing, that does not appear to be a great idea to you whatsoever.

With banks introducing tougher loan guidelines in the last few years, it is more difficult for a self-employed individual to get a mortgage loan, particularly if his credit situation is not perfect. So will inadequate funding prevent you from following your dream? Definitely not, because you always have the Peekskill hard money loan option.

A hard money home loan in Peekskill provides what is probably most important to real estate investors — a quick closing time period of as few as fourteen days. What's more, the LTV value can reach up to 70% of the property's valuation, as evaluated by a certified appraiser. At first glance, hard money real estate loans, with starting lending rates of 10%, appear to be higher priced than bank financing. But the time frames of these loans tend to be quite shorter, making the interest rate less important. The price tag on such short-term loans ought to be viewed on par with any other expenditure that you might encounter during the project. And when you have finally turned the home, recouping this expense is comparable to recovering the expense for all the bathroom or other upgrades you performed.

Moreover, even a person with bad credit can easily qualify for a hard money mortgage. As an alternative for focusing solely on the applicant's credit score or net income, Peekskill hard money lenders, who could be a privately owned company or an individual person, approve a loan as a result of evaluating the property value, its salability, where it is located, and the odds of recouping their capital in the event of foreclosure. Other variables that influence a person's eligibility for a hard money real estate loan can include what amount of money he can put into a down payment, his former experience as a real estate investor, and selling price of comparable, recently sold properties in the vicinity.

So if you have stumbled upon a wonderful home to flip with a significant prospect of returns, you have also stumbled upon a hard money lender in Peekskill that is happy to finance your fix and flip venture. Enter your info into the contact form or get in touch with us via phone to talk about your property or properties.

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