You discovered this amazing opportunity to rehab and flip this nice outdated property or home in a good part of town and it seems a lot like the deal you have been wanting for quite a while. You've heard that veteran home flippers, similar to the husband and wife on HGTV's Flip or Flop, have an impressive average return near forty to fifty thousand dollars. And indeed, they are helped in a big way by their professional knowledge, auction skills and understanding of hard money loans. Nonetheless, your rehab and renovation skills aren't that bad either — aside from that, you've already identified the right general contractor to start this home.

But how exactly can real estate investors obtain money? For those who go after a regular loan from the bank, you will need to wait around roughly 1-2 months up until the time the loan is authorized and the funding is readily available. Given that sellers give preference to a fast closing, you might need to start looking for additional funding options.

Furthermore, in case you have an unfavorable credit score or don't receive a conventional income source, it is normally harder to obtain a bank loan, seeing the tighter loan guidelines banks have put in place recently. So will inadequate funding stop you from sticking with your aspirations? By no means, because you could always go the 76703 hard money loan route to finance your home flipping project.

A hard money home loan in 76703 gives you what's perhaps most crucial to real estate investors — a very fast closing time period of as little as 2 weeks. Also, hard money lenders can approve loans up to 70% LTV of the property value, as established by a certified third-party evaluator. A number of people consider hard money real estate loans to be more expensive than regular financing, because the interest rates for such loans typically start out at 10%. But the lengths of these loans tend to be much shorter, making the interest rate far less important. When it comes to short-term loans of 1 or 2 years or less, you should think of them similar to every other expense for your project. And once you have turned the property or home, recouping this expense is identical to recuperating the expense for all the bathroom or other updates you did.

Moreover, even a person with poor credit can still be eligible for a hard money mortgage. 76703 hard money lenders do not approve a loan strictly judging by the person's credit score — rather they also look at the home, where it is located and what it is worth, and the property's ability to pay back the loan by itself. The total amount that a person can put down in advance towards the house, how much practical experience he has in real estate investments, and selling price of equivalent properties in the neighborhood are other details that go into analyzing a person's qualification for a hard money real estate loan.

So any time you come across a really good and lucrative investment opportunity, relax knowing you'll have a hard money lender in 76703, in a position to lend you the cash that you need. Enter your info into the form on this page or give us a call and let's discuss the property you have in mind.