You discovered this outstanding opportunity to rehab and flip this nice out of date house in a good area and it seems a lot like the deal you have been anticipating for quite a while. You've probably heard that professional house flippers, much like the couple on HGTV's Flip or Flop, have a remarkable average profit margin close to $40,000 – $50,000. It's fair to say their past experiences rehabbing, understanding of hard money loans, expertise in their housing market, and auction talents have played a big role in their successes. Nonetheless, your rehab and remodeling knowledge isn't bad either — aside from that, you have already found a suitable building contractor to start the job.

But how can you find the needed funding for home flipping? If you meet with a common lender, like a bank for a mortgage loan, it's in all likelihood going to take at least 4-8 weeks for your acceptance to come through and your funds to be furnished. So if you will be expecting a fast closing, it is important to recognize that this will set you back by a couple weeks, making you miss out on the house.

What's more, for those who have an unfavorable credit rating or don't have a consistent source of income, it is usually more difficult for you to qualify for bank financing, with the stricter loan requirements banks have introduced lately. So does that mean you have no option, but to drop your ambition of venturing into flipping? Certainly not, because you always have the 76249 hard money loan option.

If you decide to get a hard money home loan in 76249, you will get what's possibly most essential to real estate transactions across the country — a very fast closing of around two weeks. And additionally, financing is made up to 70% loan-to-value of the "as is" value, as deemed by a licensed appraiser. Some people believe hard money real estate loans to be costlier than customary financing, considering lending rates of such loans commonly start off at 10%. But once you understand these are not long-term home loans, the rate tends to be misleading. Short-term loans of a couple of months to a few years are best looked at in terms of cost of capital, very much like all other expenditures in connection with a project. After you fix up and unload the property, recouping this expense is no different than recuperating the expense for stainless steel appliances you put in the property.

Apart from this, hard money mortgages are easy qualifying, even in the event you posses very bad credit. 76249 hard money lenders don't take on a loan solely judging by the person's credit score — rather they also look at the property or home, its location and value, and the home's capacity to pay back the loan by itself. On top of that, if the borrower can demonstrate prior experience in equivalent real estate endeavors, can place down cash towards a down payment, and the cost of comparable properties in the neighborhood works in his favor, he has got a really good likelihood of being approved to get a hard money real estate loan.

If you happen to have stumbled on an excellent home to flip with a huge potential for returns, you've also discovered a hard money lender in 76249 who's prepared to provide financing for your flipping ventures. Fill out the contact form on this page or call us and let's discuss the property or properties you have in mind.