There is this phenomenal possibility for rehabbing and flipping this nice old house in a good location and it looks like the deal you have been expecting for a long time. You may have heard that professional house flippers, similar to the married couple on HGTV's Flip or Flop, enjoy an impressive average return close to forty to fifty thousand dollars. And without a doubt, they are helped in a major way due to their professional know-how, auction expertise and understanding of hard money loans. Nevertheless, you are certain that your first class rehab and remodeling skills will enable you to do a great job on this house — in addition, you already have arranged to have one of the most recommended building contractors in town to work on the project.

But where can you obtain the needed funding for flipping? Should you opt for a conventional bank loan, you will need to wait roughly 4-8 weeks up until the time the loan is approved and the funds are accessible. Since the majority of home owners wish to have a fast closing, you might want to start searching for some other funding alternatives.

With banks adding more challenging loan guidelines in recent times, it's become much harder for a self-employed person to get a mortgage loan, especially when his credit situation is not optimal. So does this mean you have no option, but to abandon your dream of getting into home renovating? Certainly not, because you also have the 78766 hard money loan alternative.

A hard money home loan in 78766 gives you what is considered essential to most real estate deals — a quick closing of just a few weeks and oftentimes less. In addition, the LTV value can range up to 70% of the property's valuation, as evaluated by a credentialed appraiser. Some people consider hard money real estate loans to be more pricey than ordinary loans, because the lending rates for such loans commonly start off at 10%. But once you consider these are not long-term loans, the interest rate can be misleading. As it pertains to short-term loans of one or two years or even less, you should think of them identical to any kind of other expense for the project. And as soon as you have sold the home, recuperating this expense is identical to recovering the expense for the kitchen and bath upgrades you did.

Besides, hard money mortgages are easy qualifying, regardless if you have got a low credit rating. 78766 hard money lenders do not approve a loan strictly according to the customer's credit score — instead they will evaluate the property, its location and value, and the home's capability to pay back the loan independent of the borrower. How much money a person can put down in advance towards the property, his real estate experience, and price range of equivalent properties in the same neighborhood are other details that go into determining an individual's suitability for a hard money real estate loan.

So should you run into an outstanding and profitable investment opportunity, be assured you'll have a hard money lender in 78766, able to lend you the capital that you need. Fill out the contact form on this page or call us and let's talk about the property or properties you have in mind.