Hard Money Loans in Westbrook

You discovered this outstanding opportunity to rehab and flip this wonderful out of date condo in a good area and it looks like the one you've been anticipating for quite a while. Everybody knows that skilled professional flippers, along the lines of Tarek and Christina El Moussa who star in HGTV's reality home flipping show, Fix or Flop, can make an average profit margin of $40,000 to $50,000 in their rehab business. No need to explain that their past experiences rehabbing, knowledge of hard money loans, expertise in their market, and auction talents have played a significant role in their successes. On the other hand, you're assured that your first class rehab and renovation talents will help you do a superb job for this property — what's more, you have already lined up one of the best general contractors in town to take on this project.

But where can you find the necessary capital for flipping? A traditional lender, like for example a bank, takes at a minimum one to two months to authorize the loan and provide the monies. With all the home owners looking for a fast closing, that does not appear like a good option to you in the slightest.

Moreover, if you have a sub-optimal credit situation or do not receive a regular source of income, it is normally tougher to obtain a bank loan, with the tighter loan guidelines banks have put in place as of late. So will a shortage of funds keep you from sticking to your dream? Certainly not, because you always have the Westbrook, Connecticut hard money loan alternative.

A hard money home loan in Westbrook offers you what's viewed as crucial to many real estate transactions — a fast closing of just a 2-3 weeks and sometimes even less. In addition, the LTV value can range up to 70% of the property's valuation, as evaluated by a competent appraiser. With loan rates starting near 10%, hard money real estate loans may appear, initially, to be more expensive when compared with conventional bank financing. But once you understand these are not long-term mortgage loans, the rate may be misleading. The price of such short-term loans should be considered on par with any other cost that you would have to meet pertaining to the project. And when you've turned the home, recovering this expense is comparable to recouping the expense for all the bathroom or other upgrades you did.

Apart from this, hard money mortgages are not hard to qualify for, regardless if you have got a low credit rating. The applicant's credit score will not be the single determining factor for Westbrook hard money lenders — they also analyze the property, how much it is worth, where it is located, and its ability to bring back their financial commitment if things do not go as planned. The total amount that an individual can put down in advance towards the property, his real estate experience, and selling price of equivalent properties in the same vicinity are additional factors that go into establishing a borrower's suitability for a hard money real estate loan.

If you happen to have found an excellent fixer-upper with a high potential for returns, you have also found yourself a hard money lender in Westbrook that is prepared to provide financing for your flipping ventures. Fill out the form on this page or give us a call and let's discuss your property.

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