Hard Money Loans in Bath

Suppose that you've run into this truly good deal on a fix and flip property located in a great location, and you happen to be either a skilled real estate investor or a first-timer who is looking to try his hand at flipping. Expert property flippers, like the young married couple on Flip or Flop, HGTV's reality flipping series, are able to earn a gain of forty to fifty grand on a regular basis. Undoubtedly, you also are aware that their success are credited to the simple fact that they are experts, are knowledgeable in hard money loans, they know the market quite well and they also are good at working an auction for getting an appropriate price. On the other hand, you're convinced that your superb rehab and remodeling skills will enable you to do a great job on this house — in addition, you already have lined up one of the best general contractors in town to take care of this project.

But capital is usually a different question entirely. Should you apply for a normal loan from the bank, you will need to wait somewhere around 1-2 months before the mortgage is authorized and the money is accessible. So if you're expecting a fast closing, it's important for you to understand that this will cost you a few weeks, making you lose out on the sale.

On top of this, banks have been tightening up their lending standards in recent years, which makes it hard for someone to obtain a regular home loan if their credit score is not flawless or he is lacking a consistent salaried job. So does that leave you with no option, but to abandon your aspiration of getting into home renovating? Definitely not, because you always have the Bath hard money loan option.

If you apply for a hard money home loan in Bath, you have access to what's perhaps most vital to real estate negotiations throughout the country — a fast closing of roughly 2 weeks. Plus, the LTV value can go up to 70% of the property value, as determined by a certified appraiser. A number of people regard hard money real estate loans to be more expensive than customary financing, considering interest rates for such loans normally start off at 10%. But the term lengths for these loans are relatively short, which makes the rate less important. The price tag on such short-term loans ought to be considered on par with every other cost that you will have to meet for the project. And when you have turned the home, recuperating this expense is identical to recouping the expense for all the bathroom or other improvements you performed.

Moreover, even someone with low credit can still be eligible for a hard money mortgage. The person's credit score is not the exclusive determining factor for Bath hard money lenders — in addition, they analyze the house, what is it valued at, its location, and its capacity to return their investment if things do not work out as intended. The total amount that a borrower can put upfront for the house, his past real estate experience, and selling price of equivalent properties in the same neighborhood are other factors that go into establishing an individual's suitability for a hard money real estate loan.

So should you run into a good and worthwhile flipping opportunity, relax knowing you'll have a hard money lender in Bath, able to lend you the money that you need. Fill out the contact form or call us to talk about your property or properties.

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