Hard Money Loans in Akron
You discovered this phenomenal possibility for rehabbing and flipping this wonderful out of date home in a fantastic part of town and it looks a lot like the one you have been looking forward to for quite a while. Many people know that capable professional flippers, along the lines of Tarek and Christina El Moussa from HGTV's reality flipping show, Fix or Flop, can readily earn an average profit margin of forty to fifty thousand dollars on their home projects. Naturally, you also realize that their success can be credited to the simple fact that they're experts, are knowledgeable in hard money loans, they understand the market really well and in addition, they know how to work an auction for getting a good deal. Still, your rehab and remodeling knowledge isn't that bad either — aside from that, you have already found the right licensed contractor to start this home.
But where do real estate investors obtain capital? When you approach a common lending institution, like a bank for funding, it can take at least 4-8 weeks for the acceptance to be completed and your funds to be dispersed. With the home owners wanting a fast closing, that doesn't appear like a good idea to you in the slightest.
With banks establishing harder loan standards in recent times, it is now more challenging for a self-employed individual to obtain a home loan, especially if his credit situation is not perfect. So does that mean you are without an option, but to abandon your aspiration of venturing into home renovating? Definitely not, because you also have the Akron hard money loan alternative.
A hard money home loan in Akron gives you what is viewed as imperative to many real estate transactions — a fast closing of only a couple of weeks and sometimes less. Also, hard money lenders can approve lending up to 70% LTV of the property's valuation, as determined by a certified third-party appraiser. On the surface, hard money real estate loans, with starting interest rates of 10%, appear to be more pricey than bank loans. But once you understand these are not long-term home loans, the rate can be misleading. The cost of such short-term loans ought to be considered on par with every other expenditure that you will encounter in the course of the project. After you fix up and unload the property, recuperating this expense is just like recovering the money you spent for home appliances you placed into the home.
Furthermore, even individuals with low credit can still qualify for a hard money mortgage. Akron hard money lenders don't take on a loan solely according to the applicant's credit score — instead they also assess the home, its valuation and location, and the property's capacity to pay back the financing on its own. Several other variables that have an impact on a person's acceptance for a hard money real estate loan include what amount of money he is in a position to put into a down payment, his prior experience being a real estate investor, and price of comparative, just recently sold homes in the neighborhood.
So should you run into an outstanding and profitable investment opportunity, rest assured you will have a hard money lender in Akron, willing to lend you the cash you need. Fill out the form or call us and let's talk about the property or properties you have in mind.
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