Hard Money Loans in Attleboro
There's this phenomenal opportunity to renovate and flip this wonderful out of date home in a good part of town and it seems like the one you have been eagerly waiting on for a long time. Most folks know that expert professional flippers, along the lines of Tarek and Christina El Moussa who do HGTV's reality home flipping program, Fix or Flop, are able to generate an average profit margin of $40,000 to $50,000 on their home projects. Without question, their past experiences rehabbing, knowledge of hard money loans, familiarity with the market, and auction talents have played an important part in their results. With that being said, you have also been developing your rehab and remodeling skills, have a contractor ready for the project and are certain that you will be able to do a stellar job on this house.
But where can you obtain the necessary capital for flipping? Should you opt for a normal loan from the bank, you will have to wait roughly 1 to 2 months until the loan is authorized and your funding is available. Considering that the sellers are wanting to find a fast closing, that doesn't appear to be a good idea to you at all.
With banks introducing harder loan standards in the past several years, it is more challenging for a self-employed person to obtain a home loan, especially if his credit rating is not perfect. So does this mean you have no option, but to drop your ambition of getting into rehabbing? Absolutely not, given that you always have the Attleboro hard money loan option.
Should you get a hard money home loan in Attleboro, you have access to what is probably most essential to real estate transactions across the country — a fast closing of about 14 days. Further, loan amounts are made up to 70% loan-to-value of the as-is valuation, as determined by a professional appraiser. With interest rates starting near 10%, hard money real estate loans may look, initially, to be more pricey as compared with conventional bank loans. But the term lengths for these loans tend to be much shorter, making the rate less important. The cost of such short-term loans ought to be looked at much like any other financial outlay that you would encounter in the course of the project. And as soon as you have sold the home, recouping this expense is comparable to recovering the expense for all the kitchen and bath upgrades you did.
Additionally, it isn't difficult to obtain a hard money mortgage, even when your credit score is not that extraordinary. Attleboro hard money lenders don't approve a loan strictly based on the applicant's credit score — instead they will examine the property or home, its location and value, and the property's capacity to pay back the loan independent of the person. Adding to that, if the person can demonstrate prior experience in comparable real estate projects, can put down cash towards the down payment, and the value of equivalent homes in the area works to his benefit, he will have a very good shot of qualifying to get a hard money real estate loan.
So in case you have stumbled on a really great real estate opportunity with a huge potential for returns, you've also discovered a hard money lender in Attleboro who's prepared to finance your rehab venture. Submit the contact form on this page or get in touch with us via phone and let's talk about the property you have in mind.
A loan specialist will be in touch shortly