Hard Money Loans in 78280

A fabulous bargain on a fix and flip opportunity located in a nice area of the city suddenly shows up — sounds too good to be true. Expert residential home flippers, similar to the young married couple on Flip or Flop, HGTV's reality flipping series, are able to haul in a gain of $40-$50k on most projects. And sure, they are helped in a major way via their professional experience, auction expertise and familiarity with hard money loans. However, you are convinced that your impressive rehab and remodeling abilities can help you do an outstanding job for this house — additionally, you already have lined up one of the most suggested general contractors in the area to take care of this project.

But how do real estate investors obtain funding? A traditional lender, say for example a bank, takes at least 1-2 months to consent to the mortgage and hand over the cash. So if you happen to be expecting a fast closing, it's important to realize that this could cost you weeks, causing you to miss out on the sale.

What's more, for those who have an unfavorable credit score or do not receive a regular income, it can be harder for you to obtain a bank loan, considering the tighter loan requirements banks have put in place in recent times. So does that leave you with no option, but to drop your aspiration of getting into the fix and flip business? By no means, because you could always use the 78280 hard money loan approach to fund your flipping project.

A hard money home loan in 78280 gives you what's possibly most crucial to real estate investors — a quick closing time period of as few as 14 days. Furthermore, hard money lenders will often consent to loans up to 70% LTV of the property's valuation, as identified by a credentialed third-party appraiser. With interest rates starting around 10%, hard money real estate loans may look, at first, to be higher priced in comparison with traditional bank financing. But the time frames of these loans tend to be comparatively short, making the rate far less important. The cost of such short-term loans should be viewed much like any other financial outlay that you would encounter in the course of the project. Once you have sold the property or home and have made a successful return, you'll be able to get back this expense from the home — just like recuperating the money necessary for the brand-new home appliances that you've installed.

Besides, hard money mortgages are not hard to qualify for, whether or not you have got less-than-perfect credit. Instead of focusing exclusively on the borrower's credit score or income, 78280 hard money lenders, who can be a private company or an individual, authorize a loan as a result of examining the property value, ease of marketability, where it is located, and the possibility of recuperating their capital in case of foreclosure. Additional factors that impact a customer's approval for a hard money real estate loan can include what amount of money he can put into a down payment, his former experience being a real estate investor, and selling price of comparable, just recently sold homes in the vicinity.

So in case you have stumbled on a really good home to flip with a huge chance of returns, you have also found yourself a hard money lender in 78280 who's happy to finance your fix and flip projects. Fill out the form on this page or give us a call to discuss the property you have in mind.

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