Hard Money Loans in Athens
You discovered this amazing opportunity to renovate and flip this nice old property in a fantastic part of town and it seems a lot like the one you have been looking forward to for quite some time. You've heard that professional home flippers, like the husband and wife on HGTV's Flip or Flop, enjoy an impressive average return near forty to fifty thousand dollars. And yes, they are helped in a big way by their professional knowledge, auction expertise and familiarity with hard money loans. However, you're convinced that your superb rehab and renovation abilities can help you do a superb job on the house — in addition, you have already arranged to have one of the best general contractors in town to handle the project.
But how can you find the necessary capital for home flipping? For those who opt for a regular loan via a bank, you will need to wait roughly 1-2 months up until the time the financing is approved and your money is ready. Because most home owners favor a fast closing, you might want to start looking for other financing alternatives.
To add to it, banks have been tightening up their lending standards in recent times, which makes it hard for people to get a regular loan if their credit score is not flawless or he is lacking a regular salaried profession. So do you have to admit defeat and forego your dream to venture off into the real estate market? By no means, particularly while Athens hard money loans will assist you to accomplish many amazing things in the real estate market.
A hard money home loan in Athens provides you with what's perhaps most sought after by real estate investors — a fast closing time of as little as a few weeks. Plus, the LTV value can go up to 70% of the property's valuation, as estimated by a credentialed appraiser. A number of people consider hard money real estate loans to be more expensive than ordinary loans, since the interest rates for such loans usually start out at 10%. But once you understand these loans are not long-term home loans, the rate may be misleading. When it comes to short-term loans of one or two years or even less, you should look at them identical to any sort of other expense for the project. Right after you fix up and sell the house, recovering this expense is no different than recouping the cost of the home appliances you placed into the place.
Also, it is easy to be eligible for a hard money mortgage, even when your credit rating is not that great. As an alternative for focusing primarily on the person's credit score or source of income, Athens hard money lenders, who can be a private company or an individual, approve a loan after examining the property value, how easy it will be to market, where it is located, and the probability of getting back their money should they have to foreclose the loan. On top of that, if the individual have proven experience in comparable real estate projects, can put down cash for a down payment, and the cost of comparative houses in the vicinity works to his benefit, he stands a good likelihood of being eligible for a hard money real estate loan.
So any time you come across a good and worthwhile investment opportunity, be assured you'll have a hard money lender in Athens, willing to loan you the capital you need. Fill out the form on this page or call us to talk about your property.
A loan specialist will be in touch shortly