Hard Money Loans in Pittsburg

Suppose that you've stumbled upon this excellent bargain on a fix and flip property located in a terrific location, and you're either a skilled real estate investor or a first-timer who hopes to try his hand at flipping. Expert residential home flippers, similar to the young married couple on Flip or Flop, HGTV's reality flipping show, are able to haul in a profit of forty to fifty grand on most projects. Undoubtedly, you also recognize that their results are attributed to the simple fact that they're experts, are well versed in hard money loans, they know the market quite well and in addition, they know how to work a public auction to buy their houses at a good price. Nonetheless, your rehab and remodeling skills aren't that bad either — in any case, you've already located a good building contractor to handle this home.

But where do real estate investors obtain funding? If you meet with a standard lender, like a bank for financing, it in all likelihood will take at least 4-8 weeks for the acceptance to be completed and the money to be sent out. So if you will be anticipating a fast closing, it's important to recognize that this may cost you a few weeks, making you lose out on the house.

Furthermore, should you have a sub-optimal credit rating or don't receive a routine source of income, it is usually tougher for you to be eligible for bank financing, considering the tighter loan criteria banks have introduced lately. So will inadequate financing prevent you from following your ambitions? By no means, especially while Pittsburg hard money loans will assist you to achieve great things in real estate.

A hard money home loan in Pittsburg gives you what's perhaps most essential to real estate investors — a very fast closing in as little as 14 days. Further, financing is made up to 70% loan-to-value of the as-is valuation, as deemed by a licensed appraiser. At first, hard money real estate loans, with starting interest rates of 10%, seem to be higher in price than bank loans. But in reality, the lending rate is not as pertinent for these loans, given that they aren't long-term financing. When it comes to short-term loans of a few years or less, you should consider them similar to every other expenditure for your project. Once you have sold the house and have made a good financial gain, you'll be able to recover this expense from the property — just like recouping the cost of brand-new kitchen appliances that you have installed.

Moreover, even an individual with poor credit can still qualify for a hard money mortgage. Pittsburg hard money lenders do not take on a loan solely according to the applicant's credit score — instead they will analyze the home, its valuation and location, and the property's capacity to pay back the financing on its own. Other factors that affect an applicant's eligibility for a hard money real estate loan can include the amount he can put towards a down payment, his previous experience being a real estate investor, and price range of comparative, just recently sold residences nearby.

Locating a hard money lender in Pittsburg to finance your renovation project is not very hard, assuming that the opportunity before you is promising and offers a good prospect for returns. Complete the contact form or call us and let's discuss the property you have in mind.

Request More Information

A loan specialist will be in touch shortly

Personal Info

Project Info

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