An incredible deal on a fix and flip opportunity in a nice neighborhood all of a sudden shows up — seems too good to be true. Professional home flippers, much like the young couple on Flip or Flop, HGTV's reality flipping program, are capable of bringing in a gain of $40-$50k on average. And yes, they are helped in a major way due to their professional know-how, auction expertise and understanding of hard money loans. On the other hand, you're assured that your superb rehab and renovation skills will enable you to do a great job for this home — furthermore, you already have lined up one of the premier general contractors in the business to work on this project.

But where do you get the necessary funding for flipping? In the event you meet with a common lending institution, such as a bank for funding, it's in all likelihood going to take no less than thirty to sixty days for your approval to come through and your funds to be given out. Given that sellers would rather have a fast closing, it may be best to begin seeking out other financing alternatives.

With banks introducing tougher loan requirements in recent times, it is now much harder for a self-employed individual to get a mortgage loan, particularly if his credit situation is not flawless. So should you give up and forego your ambition to embark into real estate? Most certainly not, seeing as you also have the Seabrook hard money loan alternative.

A hard money home loan in Seabrook provides what is possibly most desired by real estate investors — a quick closing time period of as little as fourteen days. Plus, the LTV value can range up to 70% of the property's valuation, as estimated by a certified appraiser. On the surface, hard money real estate loans, with starting interest rates of 10%, appear to be more expensive than bank lending products. But usually, the rate of interest isn't as useful a measure for these loans, because they are not long-term financing. The cost of such short-term loans should be evaluated on par with any other cost that you might encounter in the course of the project. Right after you fix up and sell the home, recouping this expense is the same as recovering the one for home appliances you placed into the house.

Furthermore, even a person with bad credit can easily qualify for a hard money mortgage. Seabrook hard money lenders don't approve a loan solely based on the customer's credit score — instead they will examine the property or home, where it is located and how much it is worth, and the property's ability to pay back the financing without the assistance of the person. On top of that, if the individual have proven experience in similar real estate ventures, can put down cash for the down payment, and the cost of comparable properties in the vicinity works to his benefit, he will have a good shot of qualifying for a hard money real estate loan.

So in case you have stumbled upon a really great real estate opportunity with a huge prospect of returns, you've also stumbled upon a hard money lender in Seabrook that's ready to provide financing for your flipping project. Fill out the form or give us a call to discuss the property you have in mind.