Hard Money Loans in Bartlett

There is this outstanding opportunity to renovate and flip this nice old property or home in a fantastic area and it looks a lot like the one you have been expecting for quite a while. Many people know that capable professional flippers, along the lines of Tarek and Christina El Moussa who do HGTV's reality home flipping show, Fix or Flop, can generate a typical profit margin of $40,000 to $50,000 when they rehab properties. And without a doubt, they are helped in a major way as a result of their professional know-how, auction expertise and familiarity with hard money loans. With that being said, you have also been developing your rehab and remodeling skills, have a building contractor ready to go and are positive that you're capable of doing a bang up job on this house.

But how can real estate investors obtain capital? In the event you meet with a regular lender, such as a bank for a mortgage loan, it's very likely going to take, as a minimum, thirty to sixty days for your approval to come through and the money to be sent out. So if you're hoping for a fast closing, you have to recognize that this may cost you a couple of weeks, making you miss out on the house.

What's more, should you have a less-than-perfect credit score or don't receive a regular income source, it usually is more challenging to obtain bank financing, seeing the more stringent loan requirements banks have issued lately. So must you stop trying and forego your ambition to venture into fix and flips? Under no circumstances, especially while Bartlett hard money loans enable you to achieve great things in real estate.

Should you put in an application for a hard money home loan in Bartlett, you'll get what's perhaps most essential to real estate offers across the country — a fast closing of approximately 14 days. Besides that, hard money lenders are able to do funding up to 70% LTV of the property's valuation, as established by a professional third-party evaluation. A number of people believe hard money real estate loans to be higher in price than customary financing, considering lending rates for these loans typically start off at 10%. But usually, the rate of interest isn't as relevant for these loans, since they aren't long-term loans. The cost of such short-term loans ought to be evaluated on par with every other financial outlay that you would encounter during the project. Right after you renovate and resell the home, recovering this expense is no different than recouping the money you spent for home appliances you installed in the property.

Additionally, it is simple to be eligible for a hard money mortgage, regardless of whether your credit rating is not that superb. Bartlett hard money lenders do not approve a loan strictly on the basis of the customer's credit score — rather they also examine the property, its valuation and location, and the home's ability to pay back the loan independent of the borrower. The amount that an individual can put upfront for the property, how much experience he has in real estate investments, and price range of equivalent properties in the same vicinity are additional factors that go into determining an individual's suitability for a hard money real estate loan.

Searching for a hard money lender in Bartlett to fund your real estate project is not difficult, so long as the opportunity that lies ahead of you is promising and possesses a good prospect for returns. Complete the contact form on this page or get in touch with us via phone to discuss your project.

Request More Information

A loan specialist will be in touch shortly

Personal Info

Project Info

Investment property loans only please, no primary residences at this time.