Hard Money Loans in Augusta
There is this phenomenal possibility for renovating and flipping this wonderful out of date property in a good location and it seems a lot like the deal you've been expecting for quite some time. Everyone knows that capable professional flippers, like Tarek and Christina El Moussa who star in HGTV's reality home flipping program, Fix or Flop, can readily earn a typical profit margin of forty to fifty thousand dollars when they flip properties. Without question, their rehabbing experience, understanding of hard money loans, expertise in their housing market, and auction skills have played an important role in their success. However, you're assured that your impressive rehab and renovation talents will help you do an outstanding job on this home — in addition, you already have lined up one of the premier contractors in the area to take care of this project.
But where can you get the needed capital for flipping? If you go after a regular loan via a bank, you will end up waiting approximately 1-2 months up until the money is authorized and the funding is ready. Because most home owners would rather have a fast closing, you might have to start searching for some other financing options.
As well as this, in case you have a less-than-perfect credit rating or don't receive a consistent income, it may be more challenging to be eligible for a bank financing, with the tougher loan requirements banks have put in place in recent times. So does this mean you have no option, but to abandon your dream to venture into rehabbing? Absolutely not, given that you always have the Augusta hard money loan alternative.
A hard money home loan in Augusta provides what's considered essential to many real estate deals — a quick closing of only a 2-3 weeks and sometimes even less. Also, hard money lenders will often consent to funding up to 70% LTV of the home value, as determined by a licensed third-party evaluation. Some individuals believe hard money real estate loans to be more costly than customary financing, considering interest rates for these loans generally start at 10%. But when you consider these are not long-term mortgage loans, the interest rate tends to be misleading. When it comes to short-term loans of a handful of years or less, you should look at them just like you would other expenses for your project. After you fix up and unload the house, recouping this expense is the same as recovering the one for home appliances you placed into the home.
In addition, even a person with poor credit will be able to qualify for a hard money mortgage. The applicant's credit score is not the lone determining factor for Augusta hard money lenders — in addition, they evaluate the piece of real estate, what is it valued at, where it is located, and its ability to bring back their financial commitment if things do not work out as intended. On top of this, if the borrower have proven experience in similar real estate projects, can put down money towards the down payment, and the value of similar houses in the vicinity works in his favor, he has a really good chance of being approved to get a hard money real estate loan.
Locating a hard money lender in Augusta to cover expenses for your fix and flip endeavor is not hard, provided that the opportunity before you is promising and possesses the right potential for returns. Enter your info into the contact form or call us to discuss your project.
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