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An outstanding buy on a fix and flip property in an excellent neighborhood shows up out of the blue — seems too good to be true. Professional house flippers, like the young couple on Flip or Flop, HGTV's reality flipping show, are able to earn a gain of forty to fifty grand on most projects. And sure, they are aided in a big way via their professional knowledge, auction expertise and familiarity with hard money loans. With that being said, you've likewise been developing your rehab and remodeling skills, have got a contractor ready to go and are confident that you will be able to do a stellar job on this house.
But financing can be a separate problem altogether. Should you opt for a regular loan from the bank, you will need to wait approximately 30-60 days up until the time the loan is approved and the funds are accessible. So if you're expecting a fast closing, you have to understand that this will cost you a few weeks, causing you to lose out on the house.
Moreover, if you have a less-than-perfect credit rating or do not receive a consistent income, it is usually harder to obtain a bank loan, with the tougher loan guidelines banks have introduced in recent times. So will inadequate financing prevent you from following your dream? Not at all, especially when Alaska hard money loans can help you realize many amazing things in the real estate market.
A hard money home loan in Alaska gives you what's perhaps most important to real estate investors — a very fast closing in as few as two weeks. In addition, the LTV value can range up to 70% of the home's valuation, as determined by a competent appraiser. At first, hard money real estate loans, with starting lending rates of 10%, seem to be more pricey than bank lending products. But the lengths of these loans are much shorter, which means the interest rate is much less significant. As it pertains to short-term loans of several years or even less, you should consider them just like you would other expenses for the project. When you have sold the house and have made a good return, you can reclaim this expense from the property or home — just like recovering the cost of brand-new home appliances that you've put in.
Apart from this, hard money mortgages are easy qualifying, even if you posses less-than-perfect credit. Alaska hard money lenders don't authorize a loan exclusively based on the borrower's credit score — rather they will examine the home, its location and value, and the home's capability to pay back the loan on its own. Other criteria that affect a customer's eligibility for a hard money real estate loan can include what amount of money he is able to put into a down payment, his previous experience as a real estate investor, and selling price of comparative, just recently sold properties in the vicinity.
Searching for a hard money lender in Alaska to finance your fix and flip endeavor is not very hard, so long as the opportunity that lies ahead of you is promising and boasts the right potential for returns. Fill out the contact form or get in touch with us via phone and let's talk about your property or properties.
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