Hard Money Loans in 78739

Suppose you've encountered this truly good bargain on a fix and flip property located in a terrific neighborhood, and you're either a seasoned real estate investor or a newbie who is looking to try out flipping houses. Most folks know that knowledgeable professional flippers, along the lines of Tarek and Christina El Moussa who star in HGTV's reality flipping program, Fix or Flop, can readily make an average profit of $40,000 to $50,000 in their rehab business. No need to explain that their rehabbing experience, understanding of hard money loans, familiarity with the housing market, and auction skills have played an important role in their successes. Nonetheless, your rehab and renovation skills aren't bad either — aside from that, you've already located a good contractor to start the project.

But where do you get the needed financing for home flipping? When you meet with a common lending institution, much like a bank for funding, it in all likelihood will take, at the very least, four to eight weeks for your acceptance to come through and your money to be sent out. Thus if you happen to be looking for a fast closing, it is important you be aware that this could cost you a couple weeks, making you miss out on the home.

To add to it, banks have already been tightening up their lending requirements in recent times, rendering it more hard for someone to get an ordinary loan if their credit score is not flawless or he does not have a consistent salaried profession. So do you have to give up and forego your ambition to venture into real estate? Not at all, especially when 78739 hard money loans will assist you to accomplish many amazing things in the real estate market.

A hard money home loan in 78739 provides what's perhaps most crucial to real estate investors — a fast closing in as few as two weeks. In addition, the LTV value can go up to 70% of the property value, as evaluated by a credentialed appraiser. On the surface, hard money real estate loans, with starting interest rates of 10%, seem to be more expensive than bank financing. But once you consider these are not long-term loans, the rate of interest tends to be misleading. Short-term loans of a couple of months to a handful of years are best approached as cost of capital, similar to any other expense related to a project. After you fix up and unload the property, recovering this expense is no different than recovering the expense for new kitchen appliances you placed into the home.

Furthermore, even individuals with poor credit can still be eligible for a hard money mortgage. The customer's credit score is not the primary deciding factor for 78739 hard money lenders — additionally, they look at the piece of real estate, its market value, where it is located, and its capacity to return their investment if things should not work out as intended. Adding to that, if the individual can demonstrate prior experience in equivalent real estate ventures, can place down money for a down payment, and the cost of comparative homes in the area works to his benefit, he will have a really good likelihood of qualifying to obtain a hard money real estate loan.

Finding a hard money lender in 78739 to help with expenses for your real estate project is not very hard, assuming that the opportunity that lies ahead of you is promising and possesses the right potential for returns. Fill out the contact form or give us a call to talk about the property you have in mind.

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