Hard Money Loans in Bellefontaine
There is this outstanding possibility for fixing and flipping this wonderful old property in a very good location and it looks a lot like the deal you have been wanting for quite some time. Expert home flippers, like the young couple on Flip or Flop, HGTV's reality flipping series, are capable of earning a gain of $40-$50k on a regular basis. Naturally, you also understand that their great results can be attributed to the fact that they are industry experts, are well versed in hard money loans, they know the market really well and they also know how to work an auction for getting a good deal. Nevertheless, you are convinced that your impressive rehab and renovation skills will assist you to do a great job on this project — in addition, you already have lined up one of the best building contractors in town to take on the job.
But money is a separate problem altogether. When you opt for an ordinary bank loan, you will need to wait around roughly 1 to 2 months up until the loan is authorized and your money is readily available. Given that home owners would prefer a fast closing, you may want to start searching for additional funding alternatives.
As well as this, should you have a sub-optimal credit rating or don't receive a conventional source of income, it is usually more difficult to be eligible for a a bank loan, considering the tighter loan criteria banks have put in place of late. So must you give up and abandon your aspiration to venture off into fix and flips? Not at all, especially when Bellefontaine hard money loans enable you to realize great things in the real estate world.
A hard money home loan in Bellefontaine boasts what's possibly most important to real estate investors — a fast closing time of as little as a few weeks. Additionally, loan amounts are made up to 70% loan-to-value of the as-is valuation, as deemed by a qualified appraiser. With the interest rates starting out near 10%, hard money real estate loans may seem, at first, to be more costly when compared with traditional bank lending products. But once you consider these loans are not long-term home loans, the interest rate may be misleading. Short-term loans of a couple months to a few years are best looked at as cost of capital, very much like any other expenditure related to a project. Right after you remodel and sell the house, recuperating this expense is no different than recovering the money you spent for stainless steel appliances you installed in the house.
Moreover, even individuals with poor credit can easily be eligible for a hard money mortgage. Bellefontaine hard money lenders do not approve a loan solely based on the person's credit score — instead they additionally examine the property or home, its location and value, and the home's ability to pay back the loan by itself. How much money an applicant can put down in advance for the home, his past real estate experience, and price range of comparable homes in the same vicinity are additional details that go into ascertaining an individual's eligibility for a hard money real estate loan.
So should you come across a really good and profitable flipping opportunity, relax knowing you'll have a hard money lender in Bellefontaine, equipped to lend you the capital you may need. Submit the contact form or call us and let's talk about your property or properties.
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