You discovered this amazing possibility for fixing and flipping this nice out of date property in a very good location and it looks like the deal you have been wanting for quite some time. You've heard that professional house flippers, much like the married couple on HGTV's Flip or Flop, have an impressive average profit of around $40,000 – $50,000. Undoubtedly, you also realize that their results are due to the fact that they are industry experts, are well versed in hard money loans, they understand the marketplace really well and furthermore, they know how to work an auction for getting an appropriate deal. Nonetheless, your rehab and remodeling skills aren't that bad either — in any case, you've already found a good building contractor to start the home.

But capital is a separate question altogether. A standard lending institution, like for example a bank, takes at least one to two months to approve the mortgage and provide the capital. So if you will be hoping for a fast closing, you must understand or know that this may cost you weeks, causing you to miss out on the house.

What's more, if you have an unfavorable credit rating or don't receive a consistent income source, it can be tougher for you to be eligible for a bank financing, seeing the tighter loan guidelines banks have introduced lately. So does that leave you with no other option, but to drop your dream of venturing into flipping? By no means, particularly while Rouses Point hard money loans can help you realize great things in real estate.

A hard money home loan in Rouses Point boasts what's probably most essential to real estate investors — a quick closing in as few as 14 days. And additionally, financing can be done for up to 70% loan-to-value of the as-is home value, as determined by a professional appraiser. On the surface, hard money real estate loans, with starting lending rates of 10%, seem to be higher priced than bank financing. But the term lengths for these loans are comparatively shorter, which means the interest rate is far less important. The cost of such short-term loans should be considered on par with every other expenditure that you would need to meet for the project. After you rehab and resell the house, recovering this expense is no different than recovering the one for new kitchen appliances you put in the home.

Aside from that, hard money mortgages are not difficult to qualify for, even when you posses a low credit rating. The applicant's credit score is not the exclusive determining factor for Rouses Point hard money lenders — additionally, they evaluate the home, how much it is worth, where it is located, and its ability to return their financial commitment if things do not go as intended. On top of that, if the person can demonstrate past experience in similar real estate ventures, can put down money towards a down payment, and the cost of comparable houses 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 any time you run into a very good and lucrative flipping opportunity, be assured you will have a hard money lender in Rouses Point, able to loan you the money you may need. Submit the form on this page or call us to talk about your property.