There is this amazing possibility for fixing and flipping this nice old property or home in a good part of town and it seems like the one you've been wanting for quite some time. You've probably heard that competent property flippers, such as the married couple on HGTV's Flip or Flop, turn a remarkable average return close to $40,000 – $50,000. And indeed, they are helped in a big way as a result of their professional experience, auction abilities and familiarity with hard money loans. With that being said, you have likewise been brushing up your rehab and remodeling knowledge, have a building contractor ready to go and are positive that you can do a stellar job for this property.

But funding is often a different problem altogether. A traditional lending institution, like for example a bank, takes at a minimum one to two months to consent to the loan and deliver the money. Since the majority of sellers would prefer a fast closing, it may be advisable to begin looking for other financing options.

With banks bringing in more challenging loan requirements in recent years, it is now more difficult for a self-employed person to obtain a home loan, especially when his credit score is not perfect. So will a lack of funding stop you from following your aspirations? Most certainly not, given that you always have the 76085 hard money loan option.

A hard money home loan in 76085 gives you what is possibly most crucial to real estate investors — a fast closing in as few as fourteen days. Plus, the LTV value can range up to 70% of the home value, as estimated by a certified appraiser. At first, hard money real estate loans, with starting lending rates of 10%, seem to be more costly than bank lending options. But once you understand these are not long-term loans, the rate of interest may be misleading. The cost of such short-term loans should be considered on par with every other expenditure that you will have to meet pertaining to the project. And as soon as you have finally sold the home, recouping this expense is the exact same as recuperating the expense for all the bathroom upgrades you did.

Apart from this, hard money mortgages are easy qualifying, regardless if you have below-average credit. The applicant's credit score will not be the primary determining factor for 76085 hard money lenders — they also evaluate the home, how much it is worth, its location, and its ability to bring back their financial commitment if everything does not go as intended. On top of that, if the applicant can demonstrate prior experience in equivalent real estate ventures, can place down cash for the down payment, and the price of similar homes in the vicinity works in his favor, he stands an excellent shot of qualifying to obtain a hard money real estate loan.

So if you have stumbled upon an excellent fixer-upper with a high prospect of returns, you've also discovered a hard money lender in 76085 who's willing to provide financing for your fix and flip projects. Complete the contact form on this page or call us to talk about the property or properties you have in mind.