You discovered this phenomenal opportunity to fix and flip this wonderful old condo in a fantastic area and it looks a lot like the one you've been anticipating for quite a while. Many people know that skilled professional flippers, such as Tarek and Christina El Moussa who star in HGTV's reality home flipping program, Fix or Flop, are able to generate a typical profit margin of $40,000 to $50,000 in their rehab business. And without a doubt, they are aided in a major way via their professional experience, auction expertise and familiarity with hard money loans. Nonetheless, your rehab and remodeling skills aren't bad either — in any case, you have already found the right contractor to start the job.

But how do real estate investors get funding? Should you go after a regular bank loan, you will need to wait around roughly 4-8 weeks up until the financing is authorized and the money is available. Considering that the sellers are looking for a fast closing, that does not appear like a good option to you in the slightest.

With banks introducing harder loan guidelines in the past several years, it has become much harder for a self-employed individual to get a mortgage loan, particularly if his credit situation is not perfect. So does that mean you have no option, but to drop your aspiration of venturing into home renovating? By no means, considering that you can always go the Waltham hard money loan route to finance your home flipping project.

A hard money home loan in Waltham promises what is possibly most desired by real estate investors — a very fast closing time period of as few as a few weeks. Plus, the LTV value can go up to 70% of the home's valuation, as evaluated by a certified appraiser. At first glance, hard money real estate loans, with starting interest rates of 10%, seem to be costlier than bank lending options. But in reality, the lending rate is not as pertinent for these loans, given that they aren't long-term financing. When it comes to short-term loans of several years or less, you should think of them much like you would other expenses for your project. Once you've resold the property and have made a successful return, you can recover this expense from the property or home — much like recuperating the money spent on the brand-new appliances for the kitchen that you have put in.

Besides, hard money mortgages are easy qualifying, regardless if you have a weak credit score. Waltham hard money lenders do not approve a loan strictly on the basis of the customer's credit score — rather they will look at the property, its location and value, and the home's capacity to pay back the loan without the assistance of the applicant. Additional factors that impact a person's acceptance for a hard money real estate loan include the amount he can put towards a down payment, his former experience being a real estate investor, and selling price of comparable, fairly recently sold properties in the area.

So in case you have stumbled upon a wonderful real estate opportunity with a significant chance of returns, you have also discovered a hard money lender in Waltham who's happy to provide funding for your flipping projects. Fill out the contact form or call us and let's talk about the property you have in mind.