Hard Money Loans in Riverton

There's this outstanding opportunity to fix and flip this nice out of date condo in a good area and it seems a lot like the deal you've been wanting for quite some time. You've heard that professional property flippers, such as the married couple on HGTV's Flip or Flop, enjoy a remarkable average profit of around $40,000 – $50,000. Naturally, you also realize that their results can be attributed to the simple fact that they are experts, are proficient in hard money loans, they understand the marketplace really well and in addition, they are good at working a public auction for getting a reasonable deal. That said, you've likewise been cultivating your rehab and renovation skills, have got a licensed contractor lined up and are positive that you're capable of doing a stellar job on this property.

But funding can be a separate issue entirely. A typical lending institution, like for example a bank, takes at least 1-2 months to approve the loan and release the monies. Thus if you are looking for a fast closing, you must understand that this will cost you a couple weeks, making you lose out on the opportunity.

With banks adding harder loan criteria in the past few years, it has become harder for a self-employed individual to find a home loan, especially when his credit circumstances are not perfect. So will a shortage of funding prevent you from sticking with your dream? By no means, on the grounds that you can always use the Riverton hard money loan approach to finance your home flipping project.

A hard money home loan in Riverton provides you with what's probably most sought after by real estate investors — a very fast closing time of as little as 14 days. What's more, the LTV value can go up to 70% of the property value, as estimated by a certified appraiser. At first glance, hard money real estate loans, with starting lending rates of 10%, appear to be costlier than bank lending products. But once you consider these loans are not long-term home loans, the rate can be misleading. The price tag on such short-term loans should be viewed much like every other cost that you would have to meet for the project. And when you've sold the house, recovering this expense is identical to recouping the expense for all the kitchen and bath upgrades you performed.

Also, it's easy to obtain a hard money mortgage, regardless if your credit score is not that superb. The customer's credit score isn't the sole deciding factor for Riverton hard money lenders — in addition, they evaluate the home, its market value, where it is located, and its potential to earn back their financial commitment if things should not work out as planned. How much an individual can put down beforehand towards the property or home, how much experience he has in real estate investments, and price range of comparative properties in the same area are additional factors that go into determining an applicant's eligibility for a hard money real estate loan.

So if you have found a wonderful home to flip with a huge potential for returns, you have also discovered a hard money lender in Riverton who's willing to fund your flipping projects. Submit the form on this page or call us and let's discuss your project.

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.