Hard Money Loans in Bridgeport

A fantastic bargain on a fix and flip property located in a nice neighborhood shows up out of the blue — sounds so good that it is hard to believe. Everyone knows that knowledgeable professional flippers, along the lines of Tarek and Christina El Moussa from HGTV's reality home flipping program, Fix or Flop, can earn an average profit margin of $40,000 to $50,000 in their rehab business. Undoubtedly, you also are aware that their success can be attributed to the simple fact that they're professionals, are proficient in hard money loans, they know the marketplace quite well and additionally, they are good at working an auction for getting a good deal. Nevertheless, you are certain that your impressive rehab and remodeling skills will assist you to do a quality job on this house — what's more, you already have lined up one of the best building contractors in the business to take care of the job.

But where do real estate investors find funds? A conventional lender, for instance a bank, takes at the very least 1-2 months to consent to the financing and provide the cash. Since the majority of home owners would rather have a fast closing, you may have to begin seeking out other funding options.

With banks establishing harder loan criteria in recent years, it is harder for a self-employed individual to obtain a mortgage loan, especially if his credit circumstances are not flawless. So will inadequate funds stop you from sticking with your ambitions? Definitely not, seeing as you always have the hard money loan alternative.

If you apply for a hard money home loan in , you'll get what is probably most vital to real estate offers across the country — a very fast closing of about fourteen days. Further, financing can be made up to 70% loan-to-value of the as-is valuation, as deemed by a professional appraiser. On the surface, hard money real estate loans, with starting lending rates of 10%, seem to be costlier than bank loans. But in reality, the rate of interest is not as pertinent for these loans, because they will never be long-term loans. Short-term loans of several months to a handful of years are best thought of as cost of capital, the same as any other financial outlay in connection with a project. Once you've sold the house and have made a positive profit, you'll be able to reclaim this expense from the property or home — just like recovering the money necessary for the brand-new appliances for the kitchen that you have put in.

Furthermore, even someone with low credit can still qualify for a hard money mortgage. As an alternative for focusing only on the applicant's credit score or income, hard money lenders, who may be a private company or an individual, approve a loan as a result of assessing the property value, its marketability, its location, and the likelihood of recouping their money should they have to foreclose the loan. How much a person can put down in advance towards the home, how much practical experience he has in real estate investing, and price range of comparable homes in the neighborhood are other details that go into determining a borrower's suitability for a hard money real estate loan.

If you happen to have stumbled upon a really good real estate opportunity with a significant prospect of returns, you have also found yourself a hard money lender in who's happy to finance your flipping venture. Complete the form on this page or give us a call and let's talk about your property or properties.

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.