Hard Money Loans in 88555

There is this outstanding opportunity to fix and flip this wonderful out of date house in a fantastic part of town and it seems like the one you've been expecting for quite a while. Everyone knows that knowledgeable professional flippers, like Tarek and Christina El Moussa who do HGTV's reality home flipping show, Fix or Flop, can make a typical profit margin of forty to fifty thousand dollars on their home projects. And yes, they are helped in a major way due to their professional experience, auction abilities and familiarity with hard money loans. However, you're convinced that your first class rehab and renovation skills will enable you to do a superb job on the property — in addition, you already have lined up one of the best general contractors in town to take on the job.

But where can you obtain the needed capital for home flipping? If you get in touch with a regular lender, such as a bank for funding, it's in all likelihood going to take a minimum of 30-60 days for the acceptance to come through and the money to be dispersed. Since most home owners would rather have a fast closing, you might need to begin searching for other funding options.

On top of this, banks have been tightening up their lending requirements in recent years, which makes it challenging for a person to get a regular home loan if their credit situation is not flawless or he is lacking a consistent salaried profession. So will a lack of funding prevent you from following your aspirations? Absolutely not, seeing as you always have the 88555 hard money loan option.

A hard money home loan in 88555 gives you what is considered imperative to most real estate transactions — a quick closing of only a 2-3 weeks and sometimes even less. Also, hard money lenders are able to do lending up to 70% LTV of the home value, as established by a licensed third-party evaluator. With the rates starting off around 10%, hard money real estate loans may appear, initially, to be more costly in comparison with traditional bank lending products. But usually, the lending rate is not as pertinent for these loans, given that they aren't long-term financing. As it pertains to short-term loans of several years or less, you should think of them identical to any other expense for your project. When you have sold the house and have made a successful return, you'll be able to get back this expense from the property or home — just like recovering the money spent on the brand-new appliances for the kitchen that you have put in.

Also, it isn't difficult to obtain a hard money mortgage, even when your credit score is not that great. 88555 hard money lenders don't approve a loan solely judging by the applicant's credit score — instead they additionally examine the property, its location and value, and the property's ability to pay back the loan by itself. Other variables that influence an individual's eligibility for a hard money real estate loan can include how much he is in a position to put towards a down payment, his prior experience as a real estate investor, and price of comparative, recently sold properties in the neighborhood.

So any time you run into an outstanding and worthwhile flipping opportunity, feel comfortable knowing you will have a hard money lender in 88555, prepared to loan you the capital you may need. Fill out the contact form on this page or give us a call and let's discuss the property or properties you have in mind.

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