Imagine you've encountered this really great bargain for a fix and flip property located in a great location, and you are either an experienced real estate investor or a newbie who hopes to try his hand at flipping. You've probably heard that veteran home flippers, such as the married couple on HGTV's Flip or Flop, turn a remarkable average profit margin of around forty to fifty thousand dollars. And indeed, they are helped in a major way due to their professional know-how, auction abilities and familiarity with hard money loans. Nonetheless, your rehab and renovation skills aren't that bad either — aside from that, you've already found a good licensed contractor to tackle the project.

But how do you get the needed financing for home flipping? A traditional lender, for instance a bank, takes a minimum of one to two months to consent to the loan and deliver the money. Given that sellers favor a fast closing, you might have to start looking for additional funding alternatives.

On top of this, banks have been tightening their lending requirements as of late, which makes it hard for people to obtain a traditional home loan if their credit score is not flawless or he doesn't have a regular salaried job. So should you give up and abandon your dream to embark into the real estate market? Absolutely not, because you always have the Briarcliff Manor, New York hard money loan option.

When you get a hard money home loan in Briarcliff Manor, you have access to what's perhaps most essential to real estate transactions across the country — a quick closing of around 14 days. Also, hard money lenders are capable of doing funding up to 70% LTV of the property or home value, as determined by a credentialed third-party evaluation. A number of people regard hard money real estate loans to be higher priced than customary loans, considering interest rates for these loans generally start off at 10%. But the lengths of these loans tend to be comparatively shorter, which makes the interest rate far less important. Short-term loans of several months to a handful of years are best looked at in terms of cost of capital, very much like every other financial outlay related to a project. Right after you fix up and unload the house, recuperating this expense is no different than recouping the one for home appliances you placed into the home.

What's more, it's easy to be eligible for a a hard money mortgage, regardless if your credit rating is not that extraordinary. Briarcliff Manor hard money lenders don't authorize a loan exclusively based on the borrower's credit score — instead they also look at the home, its value and location, and the property's capacity to pay back the financing without the help of the borrower. Additional variables that impact a customer's approval for a hard money real estate loan can include what amount of money he is in a position to put into a down payment, his former experience as a real estate investor, and price of comparative, fairly recently sold residences in the area.

So any time you come across a really good and worthwhile flipping opportunity, be assured you will have a hard money lender in Briarcliff Manor, prepared to loan you the money that you need. Enter your info into the form or call us to discuss your project.