Hard Money Loans in Bradford

Suppose that you've run across this really great bargain on a fix and flip property located in a great neighborhood, and you are either an experienced real estate investor or a newbie who is looking to try out flipping homes. You've probably heard that veteran home flippers, like the married couple on HGTV's Flip or Flop, enjoy an impressive average profit margin close to forty to fifty thousand dollars. And indeed, they are helped in a major way via their professional knowledge, auction abilities and familiarity with hard money loans. On the other hand, you are assured that your superb rehab and renovation talents can help you do a great job on this project — in addition, you've already lined up one of the premier general contractors in town to work on this job.

But where do real estate investors get financing? A traditional lender, for instance a bank, takes at a minimum 1-2 months to consent to the mortgage and provide the funds. With all the sellers seeking a fast closing, that does not appear like a wise idea to you in the slightest.

Moreover, should you have a sub-optimal credit situation or don't have a routine income source, it can be more challenging for you to be eligible for a bank loan, seeing the stricter loan requirements banks have issued in recent times. So will a shortage of funding prevent you from sticking with your ambitions? By no means, especially when Bradford, Rhode Island hard money loans enable you to realize many amazing things in the real estate market.

A hard money home loan in Bradford provides you with what is possibly most essential to real estate investors — a fast closing time of as little as two weeks. Further, loan amounts can be done for up to 70% loan-to-value of the as-is value, as calculated by a licensed appraiser. With interest rates starting off around 10%, hard money real estate loans might seem, initially, to be more costly when compared with traditional bank loans. But if you consider these loans are not long-term mortgage loans, the interest rate can be misleading. As it pertains to short-term loans of 1 or 2 years or less, you should look at them much like you would other expenditures for the project. After you renovate and sell off the house, recouping this expense is just like recovering the money you spent for new kitchen appliances you installed in the property.

Also, it's easy to be eligible for a a hard money mortgage, even in the event your credit situation is not that superb. Instead of focusing exclusively on the applicant's credit score or source of income, Bradford hard money lenders, who could be a private company or an individual person, authorize a loan after assessing the property value, its salability, where it is located, and the odds of recuperating their capital in the event of foreclosure. The amount that a person can put down in advance for the home, how much experience he has in real estate investments, and price range of comparable properties in the area are other details that go into determining an individual's qualification for a hard money real estate loan.

So any time you come across a really good and profitable flipping opportunity, feel comfortable knowing you'll have a hard money lender in Bradford, willing to lend you the capital you need. Fill out the contact form on this page or give us a call to discuss the property you have in mind.

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