Hard Money Loans in Bellevue
A remarkable bargain on a fix and flip opportunity in a very good neighborhood all of a sudden shows up — seems so good that it's hard to believe. You've probably heard that professional home flippers, such as the married couple on HGTV's Flip or Flop, turn a remarkable average profit of around $40,000 – $50,000. And yes, they are helped in a major way by their professional experience, auction abilities and knowledge of hard money loans. Nonetheless, your rehab and renovation knowledge isn't that bad either — in any case, you have already identified a suitable licensed contractor to take on the project.
But financing is often a separate problem altogether. A standard lender, say for example a bank, takes no less than 1 to 2 months to consent to the financing and deliver the money. Considering that all the home owners want a fast closing, that does not appear to be a wise idea to you at all.
With banks introducing tougher loan criteria in recent times, it is more difficult for a self-employed individual to get a mortgage loan, especially when his credit circumstances are not optimal. So should you give up and forego your aspiration to embark into fix and flips? Never, due to the fact you could always use the Bellevue hard money loan approach to finance your home flipping project.
If you put in an application for a hard money home loan in Bellevue, you're going to get what is perhaps most vital to real estate transactions throughout the country — a quick closing of about fourteen days. Additionally, loan amounts can be made up to 70% loan-to-value of the "as is" property's valuation, as calculated by a licensed appraiser. Some people believe hard money real estate loans to be costlier than standard loans, since the lending rates of such loans generally start out at 10%. But the time frames of these loans tend to be relatively short, which means the rate is much less significant. The price tag on such short-term loans ought to be considered on par with any other cost that you might encounter in the course of the project. Right after you fix up and sell off the property, recouping this expense is the same as recovering the one for stainless steel appliances you placed into the home.
Besides, hard money mortgages are easy qualifying, even when you have poor credit. Bellevue hard money lenders don't authorize a loan exclusively based on the borrower's credit score — rather they additionally look at the home, its valuation and location, and the property's ability to pay back the financing independent of the borrower. Other variables that impact an applicant's approval for a hard money real estate loan can include how much he can put towards a down payment, his former experience being a real estate investor, and price of comparative, just recently sold properties in the neighborhood.
So in case you have stumbled on a really great real estate opportunity with a high probability of returns, you've also stumbled upon a hard money lender in Bellevue who's prepared to provide financing for your flipping projects. Fill out the contact form on this page or call us and let's discuss the project you have in mind.
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