Suppose that you've encountered this excellent deal for a fix and flip property you found in an ideal neighborhood, and you happen to be either a skilled real estate investor or a first-timer who wants to try out flipping houses. Expert residential home flippers, much like the young couple on Flip or Flop, HGTV's reality flipping show, are capable of bringing in a gain of forty to fifty grand on the majority of projects. And indeed, they are aided in a major way as a result of their professional experience, auction expertise and familiarity with hard money loans. Nevertheless, you're certain that your first class rehab and renovation knowledge will enable you to do a great job on the home — in addition, you have already lined up one of the best general contractors in town to work on the job.

But where precisely can real estate investors obtain money? If you apply for a conventional loan via a bank, you will wind up waiting roughly 30-60 days until the money is approved and the funds are accessible. With all the sellers seeking a fast closing, that doesn't appear to be a good option to you at all.

To add to it, banks have already been tightening up their lending standards in recent years, rendering it more challenging for a person to obtain a regular home loan if their credit situation is not perfect or he is lacking a regular salaried profession. So does this leave you with no other option, but to drop your ambition of getting into rehabbing? Certainly not, seeing as you also have the 75015 hard money loan alternative.

A hard money home loan in 75015 can provide what is deemed crucial to most real estate deals — a quick closing of just a 2-3 weeks and at many times even less. Furthermore, hard money lenders are able to do loans up to 70% LTV of the property value, as determined by a qualified third-party evaluator. With rates starting out at about 10%, hard money real estate loans may look, initially, to be more costly when compared with conventional bank lending products. But the time frames of these loans tend to be comparatively short, which makes the interest rate less important. Short-term loans of several months to a few years are best approached as cost of capital, similar to all other expenses related to a project. After you rehab and sell off the property, recouping this expense is no different than recouping the cost of the new kitchen appliances you installed in the place.

Also, it's easy to be eligible for a hard money mortgage, regardless of whether your credit rating is not that extraordinary. 75015 hard money lenders don't authorize a loan solely according to the customer's credit score — rather they additionally evaluate the property, its valuation and location, and the home's capacity to pay back the loan by itself. Adding to this, if the person can demonstrate past experience in equivalent real estate ventures, can put down cash for the down payment, and the price of comparative houses in the area works in his favor, he has an excellent shot of being approved to obtain a hard money real estate loan.

Finding a hard money lender in 75015 to fund your fix and flip endeavor is not hard, so long as the opportunity that lies ahead of you is promising and possesses a strong potential for returns. Complete the form on this page or get in touch with us via phone to talk about your project.