Hard Money Loans in Baxley
There is this amazing opportunity to rehab and flip this wonderful outdated property in a very good area and it seems like the deal you have been looking forward to for quite a while. A majority of people know that knowledgeable professional flippers, like Tarek and Christina El Moussa from HGTV's reality home flipping series, Fix or Flop, can make an average profit margin of forty to fifty thousand dollars on their home projects. Undoubtedly, you also know that their great results are attributed to the fact that they're industry experts, are knowledgeable in hard money loans, they understand the market really well and in addition, they know how to work a public auction to buy their homes at a reasonable deal. With that being said, you have also been cultivating your rehab and renovation knowledge, have a very good contractor lined up and are certain that you're capable of doing an impressive job for this home.
But financing is a different issue entirely. When you opt for a regular loan from the bank, you will have to wait approximately 1 to 2 months up until the loan is approved and the funds are accessible. Since the majority of sellers prefer a fast closing, it may be advisable to start searching for other funding alternatives.
To add to it, banks have already been tightening their lending requirements in recent times, rendering it more difficult for a person to get a typical loan if their credit situation is not perfect or he is lacking a consistent salaried profession. So does that leave you with no option, but to abandon your aspiration to venture into home renovating? Definitely not, given that you also have the Baxley hard money loan option.
A hard money home loan in Baxley provides what's probably most important to real estate investors — a quick closing time of as little as 14 days. Besides that, hard money lenders can approve funding up to 70% LTV of the property or home value, as assessed by a licensed third-party evaluator. With loan rates starting out around 10%, hard money real estate loans may seem, at first glance, to be more costly as compared with conventional bank lending products. But once you appreciate that these loans are not long-term loans, the interest rate tends to be misleading. The cost of such short-term loans should be considered much like any other expense that you would need to meet for the project. Once you have sold the house and have made a successful profit, you're able to get back this expense from the home — just like recuperating the money necessary for the brand-new appliances for the kitchen that you've put in.
Aside from that, hard money mortgages are easy qualifying, regardless if you posses a low credit rating. The applicant's credit score is not the exclusive determining factor for Baxley hard money lenders — in addition, they look at the property, its market value, where it is located, and its capacity to return their investment if things do not go as planned. Other criteria that influence a person's acceptance for a hard money real estate loan can include what amount of money he is in a position to put towards a down payment, his past experience as a real estate investor, and price range of comparable, just recently sold properties in the neighborhood.
So should you run into an outstanding and lucrative investment opportunity, relax knowing you will have a hard money lender in Baxley, in a position to lend you the cash you'll need. Enter your info into the contact form on this page or get in touch with us via phone and let's talk about your property.
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