Hard Money Loans in 78163

An incredible buy on a fix and flip opportunity located in a good subdivision suddenly shows up — sounds so good that it is hard to believe. Expert residential home flippers, much like the young married couple on Flip or Flop, HGTV's reality flipping program, are able to bring in a gain of $40-$50k for most homes. Undoubtedly, you also know that their successes are due to the simple fact that they're experts, are knowledgeable in hard money loans, they understand the marketplace quite well and furthermore, they know how to work a public auction to buy their houses at an appropriate price. Nevertheless, you are certain that your superb rehab and remodeling abilities will enable you to do an outstanding job on the property — additionally, you have already arranged to have one of the premier building contractors in the business to handle the project.

But capital is a separate question entirely. Should you opt for an ordinary loan via a bank, you will end up waiting around somewhere around 30-60 days up until the time the financing is approved and the funds are ready. Thus if you are wishing for a fast closing, it's important for you to understand that this could set you back by a few weeks, causing you to miss out on the house.

With banks introducing more challenging loan criteria in recent times, it has become more difficult for a self-employed person to get a mortgage loan, especially when his credit score is not optimal. So do you have to stop trying and forego your desire to embark into fix and flips? Certainly not, due to the fact you can always go the 78163 hard money loan route to fund your flipping project.

Should you opt for a hard money home loan in 78163, you'll get what is possibly most important to real estate purchases throughout the country — a very fast closing of around 2 weeks. Furthermore, hard money lenders are capable of doing lending up to 70% LTV of the property value, as estimated by a certified third-party appraiser. On the surface, hard money real estate loans, with starting interest rates of 10%, seem to be more costly than bank lending products. But in reality, the lending rate is not as relevant for these loans, since they will never be long-term loans. The cost of such short-term loans ought to be evaluated on par with every other financial outlay that you would need to meet for the project. And once you've turned the property, recouping this expense is identical to recouping the expense for the bathroom or other upgrades you did.

Apart from this, hard money mortgages are easy qualifying, whether or not you have got bad credit. 78163 hard money lenders don't take on a loan strictly according to the applicant's credit score — instead they will look at the property, its location and value, and the property's ability to pay back the loan independent of the applicant. Additional variables that have an impact on an individual's eligibility for a hard money real estate loan can include the amount he is in a position to put towards a down payment, his previous experience as a real estate investor, and price of similar, just recently sold homes nearby.

If you happen to have found a really good fixer-upper with a significant probability of returns, you've also found yourself a hard money lender in 78163 that is happy to fund your fix and flip projects. Submit the contact form on this page or call us and let's talk about the property you have in mind.

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