There is this outstanding opportunity to renovate and flip this nice outdated property in a good location and it looks like the deal you have been expecting for a long time. You may have heard that veteran house flippers, similar to the husband and wife on HGTV's Flip or Flop, turn an impressive average profit of around $40,000 – $50,000. No need to explain that their past experiences rehabbing, knowledge of hard money loans, familiarity with the market, and auction skills have had a big role in their success. On the other hand, you're certain that your first class rehab and remodeling talents will assist you to do a great job for this home — in addition, you have already arranged to have one of the best general contractors in town to take care of this job.

But where do real estate investors get money? A traditional lender, for instance a bank, takes no less than 1-2 months to authorize the financing and deliver the funds. So if you will be anticipating a fast closing, it's important to understand that this could set you back by a few weeks, causing you to lose out on the sale.

With banks adding more challenging loan guidelines in recent times, it is now more difficult for a self-employed individual to obtain a home loan, especially when his credit rating is not perfect. So does this mean you are without an option, but to abandon your aspiration of venturing into rehabbing? Certainly not, considering that you could always use the Albany hard money loan approach to fund your home renovating project.

A hard money home loan in Albany offers you what's considered crucial to many real estate transactions — a very fast closing of only a couple of weeks and at times even less. Plus, the LTV value can reach up to 70% of the property's valuation, as evaluated by a credentialed appraiser. A number of people regard hard money real estate loans to be higher priced than customary financing, considering interest rates for such loans often start at 10%. But if you understand these loans are not long-term loans, the interest rate can be misleading. When it comes to short-term loans of a handful of years or less, you should look at them the same as you might for any other expenditure for the project. And once you have turned the property, recovering this expense is comparable to recovering the expense for all the bathroom improvements you performed.

Furthermore, even someone with bad credit can still qualify for a hard money mortgage. The customer's credit score is not the exclusive determining factor for Albany hard money lenders — in addition, they evaluate the house, what is it valued at, where it is located, and its ability to earn back their financial commitment if things do not go as intended. How much an individual can put down in advance for the home, how much practical experience he has in real estate investments, and selling price of comparable properties in the neighborhood are other factors that go into determining an individual's qualification for a hard money real estate loan.

Locating a hard money lender in Albany to help with expenses for your renovation project is not very hard, as long as the opportunity in front of you is promising and has a good potential for returns. Fill out the contact form or give us a call to discuss the property or properties you have in mind.