Hard Money Loans in Brewer

Suppose you've run into this excellent bargain for a fix and flip property in a great location, and you are either a seasoned real estate investor or a first-timer who is looking to try out flipping houses. Professional residential home flippers, similar to the young couple on Flip or Flop, HGTV's reality flipping show, are able to earn a gain of forty to fifty grand for the majority of homes. Without question, their rehabbing experience, knowledge of hard money loans, familiarity with the market, and auction skills have had a big part in their successes. Still, your rehab and remodeling skills aren't bad either — besides, you have already found an ideal general contractor to start this project.

But where can you find the necessary funding for home flipping? A conventional lending institution, say for example a bank, takes a minimum of 1 to 2 months to consent to the financing and provide the money. Given that home owners would rather have a fast closing, you may have to start looking for additional financing alternatives.

On top of this, banks have already been tightening up their lending requirements in recent years, which makes it challenging for a person to receive an ordinary home loan if their credit rating is not flawless or he doesn't have a consistent salaried profession. So does this leave you with no other option, but to drop your aspiration to venture into home flipping? Under no circumstances, especially when Brewer hard money loans will assist you to achieve great things in real estate.

A hard money home loan in Brewer promises what's possibly most crucial to real estate investors — a very fast closing in as few as a few weeks. And additionally, loans can be made up to 70% loan-to-value of the as-is house value, as determined by a qualified appraiser. On the surface, hard money real estate loans, with starting interest rates of 10%, appear to be higher in price than bank loans. But usually, the interest rate isn't as pertinent for these loans, since they aren't long-term loans. Short-term loans of a couple months to a handful of years are best thought of in terms of cost of capital, very much like any other expenditure related to a project. And once you have flipped the house, recouping this expense is the exact same as recouping the expense for all the bathroom improvements you did.

Besides, hard money mortgages are not hard to qualify for, regardless if you have got less-than-perfect credit. Brewer hard money lenders do not authorize a loan exclusively on the basis of the customer's credit score — rather they will examine the home, where it is located and what it is worth, and the property's capacity to pay back the loan by itself. Adding to this, if the applicant can demonstrate past experience in comparable real estate ventures, can put down cash towards a down payment, and the cost of similar properties in the neighborhood works in his favor, he will have a really good chance of being eligible to get a hard money real estate loan.

Locating a hard money lender in Brewer to finance your flipping business is not difficult, as long as the opportunity before you is promising and boasts a good prospect for returns. Fill out the form on this page or call us and let's talk about the property or properties you have in mind.

Request More Information

A loan specialist will be in touch shortly

Personal Info

Project Info

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