Hard Money Loans in 77079

A fantastic deal on a fix and flip opportunity located in a good area of the city suddenly shows up — seems so good that it is hard to believe. Expert home flippers, similar to the young couple on Flip or Flop, HGTV's reality flipping program, are capable of generating a gain of $40-$50k for the majority of homes. It's fair to say their rehabbing experience, knowledge of hard money loans, expertise in their market, and auction skills have played an important part in their success. With that being said, you've recently been developing your rehab and remodeling skills, have a very good licensed contractor ready to go and are confident that you will be able to do a stellar job on this property.

But how exactly do real estate investors obtain capital? A conventional lender, like for example a bank, takes at the very least 1 to 2 months to approve the loan and release the cash. Because most sellers favor a fast closing, it may be advisable to start looking for some other funding alternatives.

With banks bringing in tougher loan criteria in the past several years, it is now tougher for a self-employed individual to get a home loan, particularly if his credit situation is not optimal. So will a shortage of funding keep you from pursuing your aspirations? Certainly not, on the grounds that you can always go the 77079 hard money loan route to finance your rehab project.

A hard money home loan in 77079 gives you what's considered essential to many real estate deals — a very fast closing of just a 2-3 weeks and at times less. In addition, the LTV value can go up to 70% of the home value, as evaluated by a certified appraiser. Some individuals regard hard money real estate loans to be more expensive than standard loans, considering lending rates for such loans typically start at 10%. But in reality, the lending rate is not as relevant for these loans, simply because they will never be long-term financing. Short-term loans of a couple of months to a handful of years are best looked at as cost of capital, similar to all other expenses associated with a project. After you renovate and unload the property, recouping this expense is no different than recouping the one for stainless steel appliances you put in the place.

Additionally, it's easy to be eligible for a a hard money mortgage, even when your credit situation is not that superb. The person's credit score is not the primary determining factor for 77079 hard money lenders — they also look at the home, its market valuation, its location, and its potential to return their financial commitment if things should not go as intended. Several other variables that influence a customer's approval for a hard money real estate loan include what amount of money he can put into a down payment, his prior experience as a real estate investor, and price range of similar, just recently sold properties in the area.

So should you run into a good and lucrative investment opportunity, be assured you will have a hard money lender in 77079, ready to loan you the capital you may need. Fill out the contact form or call us and let's talk about the project you have in mind.

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