There's this outstanding opportunity to fix and flip this wonderful outdated condo in a very good part of town and it looks like the deal you've been expecting for quite a while. Expert property flippers, like the young married couple on Flip or Flop, HGTV's reality flipping series, are capable of hauling in a gain of $40-$50k as an average on multiple occasions. And yes, they are aided in a major way as a result of their professional know-how, auction abilities and familiarity with hard money loans. Nevertheless, you are certain that your impressive rehab and remodeling knowledge can help you do an outstanding job for this home — in addition, you've already arranged to have one of the finest building contractors in town to take on this job.

But where do you get the needed capital for flipping? A conventional lending institution, like for example a bank, takes a minimum of 1-2 months to consent to the financing and provide the capital. Since the majority of home owners give preference to a fast closing, you might need to start seeking out additional funding alternatives.

With banks adding tougher loan requirements in the recent past, it's become more difficult for a self-employed person to get a home loan, especially if his credit rating is not perfect. So should you stop trying and abandon your dream to venture off into the real estate market? Absolutely not, seeing as you also have the 78404 hard money loan alternative.

When you obtain a hard money home loan in 78404, you will get what's perhaps most vital to real estate offers across the country — a fast closing of roughly two weeks. In addition, the LTV value can range up to 70% of the property value, as determined by a credentialed appraiser. At first glance, hard money real estate loans, with starting interest rates of 10%, could be seen as costlier than bank lending products. But in reality, the lending rate isn't as relevant for these loans, given that they aren't long-term loans. When it comes to short-term loans of a handful of years or even less, you should look at them just like you would other expenses for the project. Once you've resold the property or home and have made a good gain, you can recoup this expense from the property or home — just like recouping the money necessary for the brand-new appliances for the kitchen that you have installed.

What's more, it's easy to obtain a hard money mortgage, even if your credit situation is not that great. 78404 hard money lenders do not approve a loan exclusively based on the customer's credit score — rather they also look at the property or home, its location and value, and the property's capacity to pay back the financing by itself. On top of that, if the applicant can demonstrate past experience in similar real estate ventures, can place down money towards a down payment, and the cost of comparable properties in the vicinity works to his benefit, he has got a very good likelihood of being eligible for a hard money real estate loan.

So should you come across a good and lucrative flipping opportunity, rest assured you'll have a hard money lender in 78404, able to lend you the funds you may need. Enter your info into the contact form on this page or call us to talk about the property you have in mind.