Hard Money Loans in West Grove

You discovered this phenomenal possibility for fixing and flipping this wonderful old condo in a very good location and it seems like the one you have been wanting for quite some time. Everybody knows that knowledgeable professional flippers, like Tarek and Christina El Moussa from HGTV's reality home flipping series, Fix or Flop, can make a typical profit margin of forty to fifty thousand dollars on their home projects. And without a doubt, they are aided in a big way via their professional know-how, auction expertise and understanding of hard money loans. Having said that, you've likewise been cultivating your rehab and renovation knowledge, have a building contractor ready to go and are positive that you can do a great job on this house.

But capital can be a separate issue entirely. If you get in touch with a common lender, like a bank for a mortgage loan, it's very likely going to take a minimum of 30-60 days for your acceptance to come through and the money to be sent out. So if you will be hoping for a fast closing, you need to understand that this may set you back by weeks, making you miss out on the opportunity.

Moreover, for those who have a less-than-perfect credit score or do not have a consistent source of income, it is normally tougher for you to qualify for bank financing, considering the stricter loan guidelines banks have put in place lately. So must you admit defeat and abandon your dream to get into real estate? By no means, particularly when West Grove hard money loans enable you to achieve great things in the real estate world.

A hard money home loan in West Grove gives you what's perhaps most essential to real estate investors — a fast closing time of as little as a few weeks. Also, hard money lenders can do loans up to 70% LTV of the home value, as assessed by a certified third-party evaluation. Some people regard hard money real estate loans to be costlier than ordinary financing, since the interest rates of such loans normally start off at 10%. But in reality, the rate of interest is not as pertinent for these loans, since they aren't long-term loans. When it comes to short-term loans of several years or less, you should think about them the same as you would for every other expense for your project. Right after you remodel and sell the house, recuperating this expense is the same as recuperating the cost of the new kitchen appliances you placed into the house.

Furthermore, even individuals with bad credit will be able to be eligible for a hard money mortgage. West Grove hard money lenders do not take on a loan solely on the basis of the borrower's credit score — rather they also examine the home, its value and location, and the home's ability to pay back the loan by itself. How much of their own money an individual can put upfront for the property, how much experience he has in real estate investments, and price range of comparative homes in the area are additional factors that go into analyzing a borrower's qualification for a hard money real estate loan.

So any time you run into an outstanding and profitable investment opportunity, relax knowing you'll have a hard money lender in West Grove, willing to lend you the capital you will need. Complete the contact form on this page or give us a call to talk about the property you have in mind.

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