Hard Money Loans in Summerville

Suppose that you've stumbled upon this truly good bargain for a fix and flip property in a terrific location, and you're either a seasoned real estate investor or a first-timer who really wants to try his hand at flipping. Expert home flippers, similar to the young couple on Flip or Flop, HGTV's reality flipping program, are able to bring in a profit of forty to fifty grand on average. It's fair to say their past experiences rehabbing, understanding of hard money loans, expertise in their market, and auction talents have had a significant part in their success. With that being said, you have recently been brushing up your rehab and renovation knowledge, have a licensed contractor ready for the project and are positive that you're capable of doing an impressive job on this home.

But where do you obtain the needed funding for home flipping? Should you opt for a regular loan via a bank, you will end up waiting approximately one to two months until the money is authorized and the funding is ready. So if you will be expecting a fast closing, it is important to understand or know that this could set you back by a couple of weeks, causing you to miss out on the opportunity.

With banks bringing in more challenging loan guidelines in the recent past, it has become much harder for a self-employed individual to get a mortgage loan, particularly if his credit situation is not perfect. So does this leave you with no other option, but to give up your dream to venture into flipping? Certainly not, given that you also have the Summerville hard money loan option.

A hard money home loan in Summerville provides you with what's probably most essential to real estate investors — a very fast closing time of as little as a few weeks. Besides that, hard money lenders will often consent to funding up to 70% LTV of the property or home value, as established by a qualified third-party appraiser. A number of people regard hard money real estate loans to be more expensive than standard loans, considering interest rates of such loans commonly start out at 10%. But the term lengths for these loans tend to be relatively shorter, which makes the interest rate less important. When it comes to short-term loans of 1 or 2 years or less, you should look at them identical to any kind of other expense for the project. And as soon as you have sold the property or home, recouping this expense is the exact same as recuperating the expense for the kitchen and bath upgrades you performed.

Apart from this, hard money mortgages are easy qualifying, regardless if you have got a weak credit score. The customer's credit score will not be the lone determining factor for Summerville hard money lenders — additionally, they look at the property, what is it valued at, its location, and its potential to earn back their investment if things do not go as planned. The amount that an individual can put upfront for the property or home, his past real estate experience, and price range of comparable homes in the vicinity are various other details that go into ascertaining an applicant's qualification for a hard money real estate loan.

So should you come across a good and lucrative flipping opportunity, feel comfortable knowing you will have a hard money lender in Summerville, willing to lend you the money you need. Complete the form on this page or get in touch with us via phone to discuss your property or properties.

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