Hard Money Loans in Austell
A remarkable deal on a fix and flip opportunity in a nice area of the city all of a sudden shows up — sounds so good that it is hard to believe. Professional house flippers, much like the young couple on Flip or Flop, HGTV's reality flipping series, are able to earn a gain of $40-$50k on the majority of projects. Of course, you also recognize that their results are attributed to the simple fact that they're experts, are knowledgeable in hard money loans, they know market trends quite well and in addition, they know how to work a public auction to purchase their houses at an appropriate deal. Nonetheless, your rehab and renovation knowledge isn't bad either — aside from that, you've already found an ideal contractor to start this project.
But how can you obtain the needed capital for flipping? In the event you get in touch with a standard lender, like a bank for funding, it is very likely going to take, as a minimum, thirty to sixty days for the acceptance to come through and your money to be accessible. With all the home owners wanting a fast closing, that does not appear to be a great idea to you whatsoever.
On top of this, banks have already been tightening up their lending requirements in recent years, rendering it more tough for someone to obtain a traditional loan if their credit circumstances are not perfect or he is lacking a consistent salaried profession. So do you have to admit defeat and abandon your ambition to venture into real estate? Not at all, especially while Austell hard money loans enable you to accomplish many amazing things in real estate.
A hard money home loan in Austell offers you what's viewed as crucial to most real estate transactions — a quick closing of just a 2-3 weeks and oftentimes even less. And additionally, financing can be done for up to 70% loan-to-value of the as-is home value, as calculated by a licensed appraiser. A number of people consider hard money real estate loans to be more costly than standard financing, since the lending rates of such loans often start at 10%. But the time frames of these loans are comparatively short, making the rate less important. As it pertains to short-term loans of one or two years or less, you should think of them the same as you would for any other expense for the project. And when you have flipped the house, recuperating this expense is the exact same as recouping the expense for all the kitchen and bath updates you did.
Besides, hard money mortgages are not hard to qualify for, even if you have a bad credit rating. Austell hard money lenders do not approve a loan strictly on the basis of the applicant's credit score — rather they additionally examine the property or home, its valuation and location, and the home's ability to pay back the loan without the assistance of the person. Other criteria that affect an applicant's acceptance for a hard money real estate loan include the amount he is in a position to put into a down payment, his previous experience being a real estate investor, and price of comparative, recently sold homes nearby.
So if you have stumbled upon a wonderful home to flip with a significant prospect of returns, you have also found yourself a hard money lender in Austell that is willing to provide financing for your fix and flip project. Enter your info into the form or give us a call to discuss the property you have in mind.
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