Hard Money Loans in Woodward

Imagine you've run into this really great deal for a fix and flip property located in a terrific location, and you happen to be either a skilled real estate investor or a first-timer who wants to try out flipping houses. You may have heard that professional house flippers, much like the married couple on HGTV's Flip or Flop, enjoy an impressive average return close to forty to fifty thousand dollars. Undoubtedly, you also recognize that their success are attributed to the simple fact that they are industry experts, are knowledgeable in hard money loans, they understand the market really well and they also know how to work a public auction for getting a reasonable deal. Nonetheless, your rehab and renovation knowledge isn't bad either — besides, you have already found a good contractor to start the home.

But financing is usually a different issue altogether. A traditional lending institution, say for example a bank, takes a minimum of 1-2 months to consent to the financing and hand over the capital. Thus if you are anticipating a fast closing, it's important to recognize that this could cost you a few weeks, making you miss out on the sale.

With banks establishing tougher loan criteria in the last few years, it is much harder for a self-employed individual to obtain a mortgage loan, especially if his credit score is not optimal. So will a shortage of funding keep you from sticking to your dream? By no means, particularly while Woodward hard money loans will assist you to accomplish many amazing things in the real estate market.

If you should put in an application for a hard money home loan in Woodward, you have access to what's perhaps most important to real estate purchases throughout the country — a very fast closing of approximately fourteen days. Also, hard money lenders will often consent to loans up to 70% LTV of the home's valuation, as estimated by a qualified third-party appraiser. At first, hard money real estate loans, with starting lending rates of 10%, seem to be more expensive than bank loans. But once you consider these are not long-term home loans, the rate of interest may be misleading. The cost of such short-term loans ought to be evaluated much like any other expenditure that you would have to meet for the project. After you renovate and resell the property, recuperating this expense is no different than recovering the one for new kitchen appliances you placed into the home.

Moreover, even an individual with poor credit will be able to qualify for a hard money mortgage. Rather than focusing strictly on the borrower's credit score or source of income, Woodward hard money lenders, who could be a private company or an individual person, approve a loan as a result of analyzing the property value, its salability, where it is located, and the possibility of recuperating their money in case they have to foreclose the loan. Other variables that affect an applicant's eligibility for a hard money real estate loan include how much he can put towards a down payment, his past experience as a real estate investor, and price range of comparable, fairly recently sold residences nearby.

So in case you have stumbled on a really great real estate opportunity with a huge probability of returns, you've also stumbled upon a hard money lender in Woodward who is happy to fund your flipping project. Submit the contact form or give us a call and let's talk about your property or properties.

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