Hard Money Loans in Uniontown

Imagine you've encountered this really great bargain on a fix and flip property located in an ideal location, and you happen to be either an experienced real estate investor or a first-timer who wants to try his hand at flipping. Everyone knows that capable professional flippers, like Tarek and Christina El Moussa who star in HGTV's reality flipping series, Fix or Flop, can generate a typical profit margin of forty to fifty thousand dollars on their home projects. And without a doubt, they are helped in a big way as a result of their professional knowledge, auction abilities and familiarity with hard money loans. Still, your rehab and remodeling knowledge isn't that bad either — in any case, you've already located the right general contractor to tackle this job.

But money is usually a different question altogether. A standard lending institution, like for example a bank, takes at least 1-2 months to authorize the financing and hand over the cash. So if you're wishing for a fast closing, it's important for you to understand that this will cost you a couple weeks, causing you to miss out on the home.

Moreover, in case you have a sub-optimal credit situation or don't have a routine income, it is usually harder to obtain a bank loan, considering the tougher loan criteria banks have introduced of late. So will inadequate funding keep you from sticking to your aspirations? Absolutely not, seeing as you also have the Uniontown hard money loan option.

A hard money home loan in Uniontown promises what's perhaps most sought after by real estate investors — a quick closing in as little as two weeks. Aside from that, loan amounts are made up to 70% loan-to-value of the as-is valuation, as determined by a qualified appraiser. At first, hard money real estate loans, with starting interest rates of 10%, could be seen as more expensive than bank lending options. But the lengths of these loans are quite short, making the rate far less important. As it pertains to short-term loans of a handful of years or even less, you should think of them the same as you would for any other expense for your project. And when you've turned the property or home, recouping this expense is identical to recouping the expense for all the bathroom or other updates you did.

What's more, it's easy to qualify for a hard money mortgage, even in the event your credit situation is not that extraordinary. The person's credit score isn't the lone determining factor for Uniontown hard money lenders — additionally, they look at the house, its market value, where it is located, and its capability to earn back their investment if things should not work out as intended. Additional variables that affect a customer's eligibility for a hard money real estate loan can include how much money he is able to put towards a down payment, his prior experience being a real estate investor, and selling price of comparative, just recently sold properties in the neighborhood.

So if you have stumbled upon a really good fixer-upper with a huge chance of returns, you've also found yourself a hard money lender in Uniontown that's happy to fund your rehab venture. Submit the contact form or call us to discuss the property you have in mind.

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