Hard Money Loans in 77217

Suppose you've stumbled upon this excellent bargain on a fix and flip property you found in an ideal neighborhood, and you happen to be either a seasoned real estate investor or a newbie who is looking to try his hand at flipping. Professional home flippers, like the young married couple on Flip or Flop, HGTV's reality flipping series, are able to earn a gain of forty to fifty grand on the majority of projects. And sure, they are helped in a big way via their professional knowledge, auction skills and knowledge of hard money loans. On the other hand, you're certain that your impressive rehab and renovation skills will assist you to do a superb job for this house — what's more, you already have arranged to have one of the best building contractors in the area to take care of this job.

But how do you find the needed funding for flipping? A traditional lender, like for example a bank, takes no less than 1-2 months to approve the mortgage and deliver the capital. Thus if you are wishing for a fast closing, you need to be aware that this could cost you a couple weeks, causing you to lose out on the sale.

With banks introducing more challenging loan criteria in the last few years, it is more challenging for a self-employed individual to get a home loan, especially when his credit score is not flawless. So will a lack of financing stop you from sticking to your aspirations? Certainly not, on the grounds that you can always use the 77217 hard money loan approach to fund your home renovating project.

A hard money home loan in 77217 gives you what's probably most sought after by real estate investors — a very fast closing time of as little as two weeks. Additionally, loan amounts can be made up to 70% loan-to-value of the "as is" house's valuation, as deemed by a professional appraiser. Some people believe hard money real estate loans to be higher in price than ordinary loans, since the lending rates for these loans ordinarily start off at 10%. But the lengths of these loans are quite short, making the interest rate far less important. The price of such short-term loans ought to be evaluated much like any other expense that you would need to meet pertaining to the project. Once you have resold the property and have made a positive financial gain, you'll be able to get back this expense from the home — just like recovering the money spent on the brand-new kitchen appliances that you've installed.

Besides, hard money mortgages are easy qualifying, even when you posses a low credit score. The borrower's credit score isn't the primary deciding factor for 77217 hard money lenders — they also analyze the house, how much it is worth, where it is located, and its potential to earn back their financial commitment if things should not work out as intended. Several other variables that affect an individual's approval for a hard money real estate loan include how much he is able to put towards a down payment, his past experience being a real estate investor, and price of comparative, just recently sold residences in the area.

If you happen to have stumbled on a wonderful real estate opportunity with a significant chance of returns, you have also stumbled upon a hard money lender in 77217 that's ready to finance your flipping venture. Enter your info into the contact form on this page or get in touch with us via phone to discuss your property or properties.

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