There's this outstanding opportunity to rehab and flip this wonderful out of date property or home in a good area and it looks like the deal you've been expecting for quite some time. Professional property flippers, such as the young married couple on Flip or Flop, HGTV's reality flipping program, are capable of bringing in a gain of forty to fifty grand as an average on more than one occasion. Undoubtedly, you also know that their great results are credited to the simple fact that they are experts, are well versed in hard money loans, they understand the marketplace really well and they also know how to work a public auction to buy their homes at a good price. With that being said, you have likewise been brushing up your rehab and remodeling knowledge, have a contractor arranged and are confident that you can do a great job for this house.

But where precisely do real estate investors get money? Should you approach a common lending institution, like a bank for a mortgage loan, it's likely going to take, at a minimum, 4-8 weeks for your approval to be completed and the funds to be dispersed. Given that home owners give preference to a fast closing, it may be advisable to start seeking out other funding options.

To add to it, banks have been tightening up their lending standards as of late, which makes it hard for a person to obtain an ordinary home loan if their credit circumstances are not perfect or he does not have a consistent salaried profession. So will a lack of financing stop you from pursuing your dream? Certainly not, considering that you could always use the Woodbridge, Connecticut hard money loan approach to finance your rehab project.

Should you opt for a hard money home loan in Woodbridge, you have access to what is possibly most essential to real estate offers throughout the country — a quick closing of about two weeks. And additionally, financing is made up to 70% loan-to-value of the "as is" valuation, as established by a licensed appraiser. Some people consider hard money real estate loans to be costlier than customary loans, since the interest rates of such loans typically start out at 10%. But if you understand these are not long-term mortgage loans, the rate of interest may be misleading. As it pertains to short-term loans of several years or even less, you should look at them just like you would other expenses for your project. And as soon as you've sold the property or home, recovering this expense is comparable to recovering the expense for all the bathroom or other updates you performed.

Furthermore, even someone with low credit can still be eligible for a hard money mortgage. Woodbridge hard money lenders don't approve a loan exclusively according to the customer's credit score — rather they will look at the home, where it is located and what it is worth, and the home's ability to pay back the loan without the assistance of the borrower. Additional factors that have an impact on a borrower's eligibility for a hard money real estate loan include how much he is able to put towards a down payment, his past experience as a real estate investor, and price of comparative, fairly recently sold properties nearby.

Locating a hard money lender in Woodbridge to finance your real estate project is not difficult, assuming that the opportunity that lies before you is promising and possesses a good potential for returns. Fill out the form on this page or call us and let's talk about your project.