Hard Money Loans in 78566

There's this amazing opportunity to rehab and flip this nice out of date home in a very good part of town and it seems like the deal you've been eagerly waiting on for a long time. You've heard that professional home flippers, much like the husband and wife on HGTV's Flip or Flop, turn an impressive average profit close to $40,000 – $50,000. It's fair to say their rehabbing experience, knowledge of hard money loans, familiarity with the housing market, and auction skills have played a significant role in their success. On the other hand, you are assured that your superb rehab and remodeling skills will help you do a superb job for this project — what's more, you already have lined up one of the most suggested building contractors in the area to handle this job.

But financing is a separate problem entirely. In the event you apply for a normal bank loan, you will have to wait around somewhere around 30-60 days before the money is approved and the funds are ready to go. With all the sellers seeking a fast closing, that doesn't appear to be a good option to you in the slightest.

On top of this, banks have been tightening up their lending requirements in recent times, which makes it hard for someone to obtain an ordinary loan if their credit rating is not flawless or he does not possess a regular salaried job. So does this leave you with no option, but to give up your dream to venture into flipping? Definitely not, because you always have the 78566 hard money loan alternative.

If you should opt for a hard money home loan in 78566, you'll get what is probably most essential to real estate transactions throughout the country — a quick closing of approximately two weeks. Aside from that, financing is made up to 70% loan-to-value of the "as is" property's valuation, as calculated by a professional appraiser. At first, hard money real estate loans, with starting lending rates of 10%, seem to be higher priced than bank financing. But once you consider these are not long-term home loans, the rate can be misleading. The price tag on such short-term loans should be looked at much like every other cost that you will encounter in the course of the project. And when you have turned the property or home, recovering this expense is comparable to recovering the expense for the kitchen and bath improvements you performed.

Additionally, it is easy to obtain a hard money mortgage, regardless of whether your credit score is not that great. The customer's credit score isn't the sole deciding factor for 78566 hard money lenders — in addition, they analyze the house, its market valuation, its location, and its potential to earn back their investment if everything does not work out as planned. Several other criteria that impact an applicant's acceptance for a hard money real estate loan include what amount of money he is able to put towards a down payment, his prior experience being a real estate investor, and price range of similar, just recently sold properties nearby.

So in case you have stumbled on a really good real estate opportunity with a significant potential for returns, you've also discovered a hard money lender in 78566 who's prepared to provide financing for your rehab projects. Enter your info into the contact form or give us a call to discuss your project.

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