Suppose you've run across this really great deal for a fix and flip property in a great neighborhood, and you happen to be either a skilled real estate investor or a newbie who hopes to try out flipping homes. You've heard that veteran house flippers, such as the couple on HGTV's Flip or Flop, enjoy an impressive average profit margin close to forty to fifty thousand dollars. And yes, they are helped in a big way by their professional knowledge, auction skills and familiarity with hard money loans. However, you are assured that your superb rehab and remodeling abilities will help you do a great job on the project — furthermore, you have already lined up one of the best building contractors in the area to handle the job.

But where precisely can real estate investors obtain funds? Should you go after a conventional loan from the bank, you will end up waiting roughly 1-2 months up until the mortgage is approved and the funding is ready to go. With the home owners looking for a fast closing, that does not appear like a good option to you at all.

To add to it, banks have been tightening up their lending criteria in recent times, which makes it challenging for people to obtain a traditional loan if their credit situation is not perfect or he is lacking a regular salaried profession. So should you admit defeat and abandon your ambition to venture off into real estate? Definitely not, seeing as you always have the Athens hard money loan option.

A hard money home loan in Athens provides you with what is possibly most important to real estate investors — a quick closing time period of as few as 2 weeks. In addition, the LTV value can go up to 70% of the home's valuation, as estimated by a certified appraiser. A number of people believe hard money real estate loans to be costlier than regular loans, considering interest rates for such loans typically start out at 10%. But in reality, the rate of interest isn't as useful a measure for these loans, given that they are not long-term financing. The cost of such short-term loans should be evaluated on par with every other expenditure that you will have to meet for the project. When you have resold the home and have made a positive gain, you can reclaim this expense from the property — much like recuperating the money necessary for the brand-new kitchen appliances that you've put in.

In addition, even individuals with bad credit will be able to qualify for a hard money mortgage. The applicant's credit score isn't the lone determining factor for Athens hard money lenders — in addition, they consider the home, what is it valued at, where it is located, and its capability to bring back their financial commitment if things should not work out as planned. Additional criteria that influence an individual's eligibility for a hard money real estate loan include how much he is able to put towards a down payment, his past experience as a real estate investor, and price range of similar, recently sold homes in the neighborhood.

So if you have stumbled upon an excellent real estate opportunity with a high probability of returns, you have also discovered a hard money lender in Athens who is ready to finance your rehab projects. Fill out the form on this page or call us to talk about your property.