A remarkable bargain on a fix and flip property in a good neighborhood suddenly turns up — seems too good to be true. You've heard that veteran property flippers, much like the couple on HGTV's Flip or Flop, enjoy a remarkable average return near $40,000 – $50,000. And sure, they are aided in a major way by their professional know-how, auction skills and familiarity with hard money loans. Still, your rehab and remodeling knowledge isn't bad either — in any case, you have already found a suitable contractor to handle this project.

But how can you find the needed funding for home flipping? When you opt for a traditional loan via a bank, you will need to wait around approximately one to two months before the mortgage loan is approved and your money is available. With all the sellers looking for a fast closing, that does not seem like a great idea to you whatsoever.

With banks adding tougher loan criteria in recent years, it's become tougher for a self-employed individual to find a mortgage loan, particularly if his credit rating is not perfect. So will a shortage of funding prevent you from sticking to your aspirations? Absolutely not, seeing as you also have the Sunbury hard money loan alternative.

A hard money home loan in Sunbury boasts what is perhaps most essential to real estate investors — a very fast closing in as little as two weeks. Furthermore, hard money lenders are capable of doing lending up to 70% LTV of the property or home's valuation, as identified by a professional third-party evaluator. On the surface, hard money real estate loans, with starting interest rates of 10%, seem to be higher in price than bank loans. But usually, the lending rate is not as relevant for these loans, simply because they aren't long-term loans. When it comes to short-term loans of several years or less, you should think of them identical to any other expenditure for the project. When you have turned the property or home and have made a good return, you'll be able to recover this expense from the home — just like recouping the money spent on the brand-new kitchen appliances that you've put in.

Moreover, even someone with weak credit can easily qualify for a hard money mortgage. The person's credit score will not be the primary deciding factor for Sunbury hard money lenders — additionally, they look at the property, its market valuation, its location, and its capability to return their financial commitment if things do not work out as intended. On top of that, if the person have proven experience in equivalent real estate ventures, can put down money for a down payment, and the value of similar homes in the vicinity works to his benefit, he has a very good chance of being approved to get a hard money real estate loan.

Searching for a hard money lender in Sunbury to help with expenses for your fix and flip endeavor is not very challenging, provided that the opportunity before you is promising and possesses a good prospect for returns. Fill out the contact form on this page or get in touch with us via phone to talk about your property.