Hard Money Loans in Trophy Club

Imagine you've encountered this excellent deal for a fix and flip property you found in a great location, and you happen to be either a seasoned real estate investor or a first-timer who is looking to try his hand at flipping. Most folks know that knowledgeable professional flippers, along the lines of Tarek and Christina El Moussa who do HGTV's reality flipping series, Fix or Flop, can make an average profit margin of forty to fifty thousand dollars on their flips. Undoubtedly, you also know that their results can be credited to the fact that they are professionals, are knowledgeable in hard money loans, they know the market really well and in addition, they know how to work a public auction to buy their houses at a reasonable price. On the other hand, you're assured that your superb rehab and remodeling abilities will assist you to do a superb job for this house — in addition, you've already lined up one of the most recommended contractors in the business to work on this job.

But how can you obtain the needed financing for flipping? A conventional lending institution, say for example a bank, takes at least 1-2 months to authorize the mortgage and deliver the capital. Since the majority of sellers favor a fast closing, it may be advisable to start searching for other funding alternatives.

With banks introducing more challenging loan criteria in recent times, it is now much harder for a self-employed person to find a mortgage loan, especially when his credit score is not flawless. So will a lack of funds prevent you from sticking to your dream? By no means, especially while Trophy Club hard money loans enable you to accomplish many amazing things in real estate.

A hard money home loan in Trophy Club promises what's perhaps most sought after by real estate investors — a quick closing in as little as a few weeks. What's more, the LTV value can reach up to 70% of the home's valuation, as determined by a credentialed appraiser. Some people regard hard money real estate loans to be more pricey than customary loans, because the interest rates for these loans commonly start off at 10%. But the lengths of these loans are quite shorter, which makes the interest rate far less significant. Short-term loans of several months to a handful of years are best approached as cost of capital, much like any other expenditure involved with a project. After you fix up and unload the home, recovering this expense is no different than recouping the expense for home appliances you put in the house.

What's more, it's simple to be eligible for a a hard money mortgage, even in the event your credit score is not that great. As an alternative for focusing only on the applicant's credit score or net income, Trophy Club hard money lenders, who could be a privately owned company or an individual person, approve a loan after examining the property value, ease of marketability, its location, and the probability of getting back their money in case of foreclosure. The total amount that an individual can put down in advance towards the property, his real estate experience, and price range of comparative properties in the same neighborhood are various other factors that go into determining an applicant's suitability for a hard money real estate loan.

So in case you have stumbled upon an excellent real estate opportunity with a significant probability of returns, you've also stumbled upon a hard money lender in Trophy Club that's willing to fund your fix and flip ventures. Fill out the contact form or get in touch with us via phone and let's talk about your property.

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