Hard Money Loans in Blakely
There is this amazing opportunity to rehab and flip this nice out of date condo in a very good part of town and it seems like the deal you've been expecting for a long time. Professional house flippers, such as the young married couple on Flip or Flop, HGTV's reality flipping program, are able to haul in a gain of $40-$50k on most projects. It goes without saying their past experiences rehabbing, understanding of hard money loans, expertise in their market, and auction skills have had an important part in their success. Still, your rehab and renovation skills aren't bad either — besides, you've already found a good contractor to handle this job.
But where can you get the needed financing for flipping? For those who go after a regular loan via a bank, you will have to wait roughly 4-8 weeks up until the financing is authorized and the funds are available. Because most sellers prefer a fast closing, you might need to start seeking out some other funding options.
As well as this, for those who have a sub-optimal credit situation or don't receive a conventional income, it is normally harder for you to qualify for a bank loan, considering the tougher loan requirements banks have introduced in recent times. So does this mean you are without an option, but to give up your aspiration of venturing into home flipping? Absolutely not, given that you always have the Blakely hard money loan option.
A hard money home loan in Blakely gives you what's regarded as essential to many real estate transactions — a fast closing of just a 2-3 weeks and oftentimes less. Additionally, financing can be done for up to 70% loan-to-value of the "as is" house value, as determined by a professional appraiser. Some people believe hard money real estate loans to be costlier than standard loans, considering lending rates for these loans usually start at 10%. But once you understand these loans are not long-term home loans, the rate of interest tends to be misleading. As it pertains to short-term loans of a few years or even less, you should think about them similar to any kind of other expense for your project. And when you have sold the property or home, recouping this expense is comparable to recovering the expense for the bathroom improvements you did.
Also, it isn't difficult to obtain a hard money mortgage, regardless of whether your credit situation is not that superb. The customer's credit score will not be the single deciding factor for Blakely hard money lenders — they also look at the piece of real estate, its market valuation, where it is located, and its ability to earn back their financial commitment if things should not work out as intended. How much of their own money an individual can put down in advance towards the property or home, how much practical experience he has in real estate investments, and selling price of comparable homes in the same area are other details that go into determining an individual's qualification for a hard money real estate loan.
Locating a hard money lender in Blakely to cover expenses for your flipping business is not very hard, assuming that the opportunity in front of you is promising and possesses a good prospect for returns. Complete the contact form on this page or call us to talk about the project you have in mind.
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