You discovered this amazing possibility for fixing and flipping this nice outdated condo in a very good area and it seems a lot like the deal you've been eagerly waiting on for a long time. Everybody knows that expert professional flippers, like Tarek and Christina El Moussa who do HGTV's reality flipping series, Fix or Flop, are able to make an average profit margin of $40,000 to $50,000 on their home projects. Undoubtedly, you also understand that their success can be attributed to the fact that they are industry experts, are proficient in hard money loans, they understand the marketplace really well and additionally, they are good at working an auction to purchase their houses at a good price. Still, your rehab and remodeling knowledge isn't bad either — in any case, you've already located the right contractor to tackle the job.

But money can be a different issue entirely. A typical lending institution, say for example a bank, takes a minimum of one to two months to consent to the mortgage and provide the money. With all the sellers seeking a fast closing, that does not seem like a wise idea to you in the slightest.

With banks establishing tougher loan guidelines in the past several years, it is much harder for a self-employed individual to obtain a mortgage loan, especially if his credit rating is not perfect. So must you admit defeat and forego your dream to venture off into real estate? Definitely not, seeing as you always have the Richardson hard money loan alternative.

A hard money home loan in Richardson offers you what's considered imperative to many real estate deals — a very fast closing of just a couple of weeks and sometimes less. In addition, the LTV value can go up to 70% of the place's valuation, as estimated by a certified appraiser. With the lending rates starting out near 10%, hard money real estate loans may seem, at first, to be more expensive in comparison with traditional bank loans. But the time frames of these loans tend to be quite short, which makes the rate far less significant. Short-term loans of a couple of months to a handful of years are best approached in terms of cost of capital, the same as any other expense related to a project. And as soon as you have finally sold the house, recovering this expense is comparable to recovering the expense for the bathroom or other improvements you performed.

Besides, hard money mortgages are easy qualifying, even if you posses below-average credit. The customer's credit score will not be the lone deciding factor for Richardson hard money lenders — in addition, they consider the house, how much it is worth, where it is located, and its capability to return their investment if things do not work out as planned. Adding to this, if the applicant can demonstrate past experience in similar real estate ventures, can put down cash for the down payment, and the value of equivalent homes in the neighborhood works to his benefit, he will have a really good likelihood of qualifying for a hard money real estate loan.

So if you have stumbled on a wonderful home to flip with a significant potential for returns, you have also stumbled upon a hard money lender in Richardson who's prepared to finance your fix and flip projects. Fill out the form on this page or get in touch with us via phone to talk about the project you have in mind.