Hard Money Loans in 77228

Suppose that you've stumbled upon this really great deal for a fix and flip property in a great neighborhood, and you are either a seasoned real estate investor or a newbie who wants to try out flipping houses. Most folks know that skilled professional flippers, like Tarek and Christina El Moussa who do HGTV's reality flipping program, Fix or Flop, are able to generate an average profit of forty to fifty thousand dollars on their home projects. It's fair to say their past experiences rehabbing, knowledge of hard money loans, expertise in their market, and auction skills have played an important role in their successes. Nevertheless, you are convinced that your impressive rehab and remodeling talents will help you do a quality job on this project — furthermore, you already have lined up one of the most recommended contractors in the area to work on the job.

But how can you find the necessary financing for flipping? For those who get in touch with a standard lender, such as a bank for a loan, it is very likely going to take no less than four to eight weeks for your approval to be completed and your funds to be accessible. Given that sellers prefer a fast closing, it may be advisable to start seeking out other financing alternatives.

With banks adding harder loan guidelines in the last few years, it's become more difficult for a self-employed person to get a mortgage loan, especially when his credit situation is not perfect. So does this leave you with no other option, but to give up your dream of getting into the fix and flip business? Definitely not, seeing as you always have the 77228 hard money loan alternative.

If you should apply for a hard money home loan in 77228, you'll get what's possibly most essential to real estate transactions across the country — a very fast closing of around a couple weeks. And additionally, loan amounts are made up to 70% loan-to-value of the as-is value, as deemed by a licensed appraiser. With loan rates starting off around 10%, hard money real estate loans may look, at first glance, to be more expensive in comparison with traditional bank loans. But in reality, the interest rate is not as useful a measure for these loans, because they are not long-term loans. When it comes to short-term loans of 1 or 2 years or less, you should look at them just like you would other expenditures for your project. Once you have turned the property and have made a successful gain, you're able to recover this expense from the home — the same as recovering the money necessary for the brand-new kitchen appliances that you've installed.

Apart from this, hard money mortgages are easy qualifying, whether or not you have less-than-perfect credit. 77228 hard money lenders do not approve a loan solely based on the customer's credit score — instead they additionally examine the home, where it is located and how much it is worth, and the property's capacity to pay back the loan by itself. Other variables that influence a borrower's acceptance for a hard money real estate loan can include the amount he is able to put towards a down payment, his previous experience being a real estate investor, and price of comparative, recently sold homes in the area.

So should you come across a good and lucrative flipping opportunity, feel comfortable knowing you will have a hard money lender in 77228, prepared to lend you the money that you need. Complete the form on this page or get in touch with us via phone to discuss your project.

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