Hard Money Loans in 79414

Imagine you've run into this excellent bargain on a fix and flip property located in a great neighborhood, and you're either a seasoned real estate investor or a newbie who wants to try out flipping houses. Everybody knows that knowledgeable professional flippers, along the lines of Tarek and Christina El Moussa who star in HGTV's reality home flipping series, Fix or Flop, are able to earn a typical profit of $40,000 to $50,000 when they rehab properties. Of course, you also realize that their successes can be attributed to the fact that they're experts, are proficient in hard money loans, they know market trends really well and they also are good at working an auction to buy their houses at a good deal. Nonetheless, your rehab and remodeling knowledge isn't that bad either — aside from that, you've already found a good contractor to take on the project.

But funding is often a separate problem entirely. A traditional lender, like for example a bank, takes a minimum of 1-2 months to authorize the financing and provide the monies. Given that sellers give preference to a fast closing, you might want to start seeking out some other funding options.

With banks introducing harder loan standards in the past few years, it is now tougher for a self-employed individual to obtain a mortgage loan, especially when his credit situation is not optimal. So do you have to stop trying and abandon your desire to venture into real estate? Not at all, particularly while 79414 hard money loans can help you realize many amazing things in the real estate market.

When you apply for a hard money home loan in 79414, you'll get what's perhaps most essential to real estate negotiations throughout the country — a very fast closing of about 2 weeks. Plus, the LTV value can reach up to 70% of the property value, as evaluated by a competent appraiser. At first, hard money real estate loans, with starting interest rates of 10%, could be seen as more expensive than bank lending products. But the lengths of these loans tend to be quite shorter, which makes the interest rate less significant. Short-term loans of a couple months to a handful of years are best approached in terms of cost of capital, much like any other financial outlay in connection with a project. And as soon as you have finally sold the house, recuperating this expense is identical to recuperating the expense for all the kitchen and bath improvements you did.

In addition, even individuals with poor credit can easily be eligible for a hard money mortgage. The person's credit score isn't the sole deciding factor for 79414 hard money lenders — in addition, they consider the property, its market valuation, its location, and its capacity to bring back their financial commitment if things should not work out as intended. How much of their own money an applicant can put upfront towards the house, how much experience he has in real estate investing, and price range of comparative homes in the same area are additional factors that go into determining an applicant's eligibility for a hard money real estate loan.

So should you run into a good and profitable flipping opportunity, rest assured you will have a hard money lender in 79414, able to lend you the cash you need. Fill out the contact form on this page or get in touch with us via phone to discuss your property.

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