Hard Money Loans in Shrewsbury

There's this outstanding opportunity to rehab and flip this wonderful outdated property in a fantastic area and it seems like the one you've been anticipating for quite a while. You've heard that veteran house flippers, like the husband and wife on HGTV's Flip or Flop, turn an impressive average profit margin close to $40,000 – $50,000. It's fair to say their past experiences rehabbing, understanding of hard money loans, familiarity with the market, and auction skills have had a big role in their successes. Nonetheless, your rehab and remodeling knowledge isn't that bad either — in any case, you've already found a suitable general contractor to start the job.

But financing is usually a different question entirely. Should you approach a standard lender, like a bank for a mortgage loan, it's more than likely going to take a minimum of thirty to sixty days for the approval to come through and the funds to be distributed. With the home owners looking for a fast closing, that doesn't seem like a wise idea to you whatsoever.

To add to it, banks have been tightening up their lending standards in recent times, which makes it difficult for a person to get a typical loan if their credit situation is not flawless or he is lacking a consistent salaried job. So will a lack of financing keep you from pursuing your dream? By no means, on the grounds that you could always go the Shrewsbury hard money loan route to pay for your home renovating project.

A hard money home loan in Shrewsbury gives you what is probably most important to real estate investors — a fast closing in as little as 2 weeks. Furthermore, hard money lenders are capable of doing lending up to 70% LTV of the property's valuation, as determined by a credentialed third-party appraiser. With rates starting around 10%, hard money real estate loans might seem, at first, to be higher priced when compared with traditional bank lending products. But usually, the rate of interest isn't as useful a measure for these loans, simply because they are not long-term financing. The price of such short-term loans ought to be evaluated much like every other financial outlay that you might encounter in the course of the project. When you have resold the property and have made a good gain, you're able to get back this expense from the home — similar to recouping the cost of brand-new home appliances that you have installed.

In addition, even individuals with low credit can still qualify for a hard money mortgage. Rather than focusing only on the applicant's credit score or source of income, Shrewsbury hard money lenders, who could be a privately owned company or an individual person, say yes to a loan as a result of assessing the property value, its salability, its location, and the likelihood of recovering their capital in case they have to foreclose the loan. Adding to this, if the applicant have proven experience in comparable real estate ventures, can place down cash for the down payment, and the value of comparative houses in the area works in his favor, he has got a very good chance of being eligible for a hard money real estate loan.

So any time you run into a very good and worthwhile flipping opportunity, relax knowing you will have a hard money lender in Shrewsbury, in a position to loan you the capital you may need. Fill out the form or give us a call and let's discuss your project.

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