Hard Money Loans in 78552

There's this phenomenal possibility for rehabbing and flipping this wonderful out of date house in a very good area and it seems like the one you have been wanting for quite a while. Everyone knows that capable professional flippers, such as Tarek and Christina El Moussa from HGTV's reality home flipping program, Fix or Flop, can earn a typical profit margin of $40,000 to $50,000 on their home projects. And sure, they are aided in a big way via their professional know-how, auction skills and understanding of hard money loans. Having said that, you have also been brushing up your rehab and remodeling skills, have got a general contractor arranged and are certain that you're capable of doing a great job for this home.

But where do you get the necessary financing for flipping? A conventional lending institution, for instance a bank, takes a minimum of 1-2 months to consent to the loan and hand over the monies. So if you will be anticipating a fast closing, you need to be aware that this could cost you a couple weeks, causing you to miss out on the opportunity.

With banks adding more challenging loan standards in the past several years, it's become harder for a self-employed person to get a home loan, especially when his credit rating is not optimal. So does this mean you have no option, but to abandon your ambition to venture into rehabbing? Never, considering that you could always go the 78552 hard money loan route to pay for your home renovating project.

A hard money home loan in 78552 boasts what is probably most essential to real estate investors — a very fast closing in as few as 14 days. In addition, the LTV value can reach up to 70% of the home value, as evaluated by a competent appraiser. At first, hard money real estate loans, with starting lending rates of 10%, seem to be more pricey than bank lending products. But once you consider these are not long-term mortgage loans, the rate tends to be misleading. The cost of such short-term loans should be looked at much like any other expenditure that you would encounter during the project. Right after you renovate and sell the home, recouping this expense is no different than recovering the cost of the home appliances you installed in the house.

Furthermore, even individuals with weak credit will be able to be eligible for a hard money mortgage. Instead of focusing entirely on the applicant's credit score or net income, 78552 hard money lenders, who could be a private company or an individual, authorize a loan after analyzing the property value, its salability, its location, and the likelihood of recovering their money in case of foreclosure. How much an individual can put down in advance for the home, his real estate experience, and selling price of comparable properties in the vicinity are other factors that go into analyzing an individual's eligibility for a hard money real estate loan.

Searching for a hard money lender in 78552 to finance your real estate project is not difficult, assuming that the opportunity that lies ahead of you is promising and has a good prospect for returns. Enter your info into the contact form or call us to discuss your property.

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