Hard Money Loans in 76191

Imagine you've come across this really great bargain on a fix and flip property in an ideal location, and you are either an experienced real estate investor or a first-timer who hopes to try his hand at flipping. Everybody knows that capable professional flippers, such as Tarek and Christina El Moussa from HGTV's reality flipping series, Fix or Flop, can readily turn an average profit margin of $40,000 to $50,000 on their flips. And indeed, they are helped in a big way by their professional experience, auction abilities and familiarity with hard money loans. That said, you've likewise been brushing up your rehab and remodeling knowledge, have a building contractor ready for the project and are certain that you will be able to do an impressive job on this property.

But where do real estate investors find capital? Should you opt for a conventional loan from the bank, you will end up waiting around roughly 1 to 2 months before the financing is approved and your money is ready. Since most sellers favor a fast closing, it may be advisable to begin looking for other financing alternatives.

With banks bringing in tougher loan requirements in the past several years, it is now more difficult for a self-employed person to obtain a mortgage loan, especially when his credit rating is not optimal. So must you admit defeat and forego your ambition to get into fix and flips? Absolutely not, seeing as you always have the 76191 hard money loan alternative.

A hard money home loan in 76191 provides what's regarded as imperative to many real estate deals — a fast closing of just a 2-3 weeks and sometimes less. In addition, the LTV value can reach up to 70% of the home value, as estimated by a certified appraiser. At first glance, hard money real estate loans, with starting interest rates of 10%, appear to be more pricey than bank financing. But usually, the lending rate is not as relevant for these loans, simply because they aren't long-term financing. The price of such short-term loans ought to be considered on par with every other financial outlay that you will have to meet for the project. After you rehab and sell off the home, recuperating this expense is just like recuperating the cost of the home appliances you placed into the property.

Furthermore, even individuals with weak credit can still be eligible for a hard money mortgage. As an alternative for focusing primarily on the applicant's credit score or wages, 76191 hard money lenders, who could be a privately owned company or an individual person, approve a loan as a result of analyzing the home value, how easy it will be to market, its location, and the possibility of recovering their capital in the event of foreclosure. Additional variables that impact an individual's eligibility for a hard money real estate loan can include what amount of money he can put into a down payment, his previous experience being a real estate investor, and price of similar, recently sold residences in the area.

If you happen to have found a really great real estate opportunity with a high prospect of returns, you have also found yourself a hard money lender in 76191 who's happy to provide financing for your fix and flip project. Fill out the contact form or give us a call and let's talk about your property.

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