Hard Money Loans in Bourbonnais

There's this phenomenal possibility for rehabbing and flipping this wonderful out of date property in a fantastic area and it looks like the one you've been wanting for quite a while. Everybody knows that expert professional flippers, like Tarek and Christina El Moussa who do HGTV's reality home flipping program, Fix or Flop, can readily turn an average profit of $40,000 to $50,000 on their home projects. Undoubtedly, you also recognize that their results are attributed to the fact that they are industry experts, are knowledgeable in hard money loans, they understand the market quite well and in addition, they are good at working a public auction to purchase their houses at a good deal. Still, your rehab and remodeling knowledge isn't bad either — in any case, you've already located a good building contractor to handle the home.

But how do real estate investors get money? A traditional lending institution, like for example a bank, takes at the very least 1 to 2 months to consent to the financing and hand over the monies. Given that home owners give preference to a fast closing, you may want to start seeking out other funding options.

On top of this, banks have been tightening their lending standards in recent times, which makes it hard for someone to obtain a traditional loan if their credit situation is not perfect or he does not have a consistent salaried profession. So does this leave you with no other option, but to abandon your dream of venturing into rehabbing? By no means, especially when Bourbonnais hard money loans will assist you to achieve many amazing things in the real estate market.

A hard money home loan in Bourbonnais can provide what is considered essential to most real estate sales — a fast closing of only a couple of weeks and at times even less. Plus, the LTV value can range up to 70% of the property value, as determined by a certified appraiser. On the surface, hard money real estate loans, with starting lending rates of 10%, seem to be more expensive than bank lending options. But once you consider these loans are not long-term mortgage loans, the rate tends to be misleading. The cost of such short-term loans ought to be looked at much like every other expense that you might encounter in the course of the project. And as soon as you've turned the house, recovering this expense is the exact same as recuperating the expense for all the bathroom upgrades you did.

What's more, it's easy to be eligible for a hard money mortgage, regardless if your credit score is not that impressive. Bourbonnais hard money lenders don't approve a loan solely based on the person's credit score — instead they also look at the property, its location and value, and the home's ability to pay back the loan without the help of the person. Adding to that, if the person have proven experience in comparable real estate endeavors, can place down cash towards the down payment, and the price of comparative homes in the neighborhood works in his favor, he has a good shot of being approved to obtain a hard money real estate loan.

So if you have stumbled on a really great home to flip with a significant potential for returns, you've also stumbled upon a hard money lender in Bourbonnais who's happy to fund your fix and flip project. Fill out the contact form or call us to talk about the property you have in mind.

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