A fabulous buy on a fix and flip property located in a very good subdivision shows up out of the blue — seems so good that it is hard to believe. Everyone knows that skilled professional flippers, such as Tarek and Christina El Moussa who do HGTV's reality flipping show, Fix or Flop, can readily earn a typical profit margin of forty to fifty thousand dollars when they flip properties. Undoubtedly, you also know that their success are due to the simple fact that they're experts, are knowledgeable in hard money loans, they understand the market really well and furthermore, they are good at working an auction to purchase their houses at a reasonable price. Having said that, you have also been brushing up your rehab and remodeling knowledge, have a contractor ready for the project and are certain that you can do a great job on this house.

But how can you find the needed financing for flipping? When you approach a regular lender, such as a bank for funding, it very likely will take, as a minimum, 4-8 weeks for your acceptance to come through and your money to be furnished. With the home owners wanting a fast closing, that does not appear to be a great idea to you in the slightest.

Furthermore, if you have a less-than-perfect credit score or don't receive a conventional income, it is usually more difficult to qualify for bank financing, considering the more stringent loan requirements banks have put in place lately. So does that leave you with no option, but to give up your aspiration of getting into home renovating? By no means, because you could always use the Oxford hard money loan approach to fund your rehab project.

A hard money home loan in Oxford gives you what's perhaps most crucial to real estate investors — a very fast closing time period of as few as fourteen days. Additionally, loan amounts are made up to 70% loan-to-value of the "as is" property value, as established by a qualified appraiser. A number of people believe hard money real estate loans to be more pricey than standard financing, because the interest rates of such loans typically start at 10%. But usually, the rate of interest is not as useful a measure for these loans, given that they will never be long-term loans. As it pertains to short-term loans of 1 or 2 years or even less, you should think about them just like you would other expenditures for the project. Right after you remodel and sell off the home, recouping this expense is just like recovering the expense for home appliances you installed in the house.

Moreover, even someone with bad credit will be able to qualify for a hard money mortgage. Instead of focusing entirely on the person's credit score or wages, Oxford hard money lenders, who may be a privately owned company or an individual, authorize a loan as a result of assessing the property value, its salability, where it is located, and the possibility of recouping their capital in the event of foreclosure. Additional variables that have an impact on a customer's approval for a hard money real estate loan can include how much he is in a position to put into a down payment, his former experience as a real estate investor, and price range of comparative, just recently sold homes in the vicinity.

Finding a hard money lender in Oxford to fund your real estate project is not very challenging, assuming that the opportunity that lies ahead of you is promising and has a strong potential for returns. Enter your info into the form on this page or call us and let's talk about the project you have in mind.