A fabulous deal on a fix and flip opportunity in a very good area of the city all of a sudden shows up — sounds so good that it's hard to believe. Expert home flippers, similar to the young couple on Flip or Flop, HGTV's reality flipping program, are capable of generating a gain of $40-$50k on a regular basis. Naturally, you also realize that their success are credited to the simple fact that they're professionals, are proficient in hard money loans, they understand market trends really well and in addition, they are good at working an auction to purchase their homes at an appropriate price. Nonetheless, your rehab and renovation knowledge isn't bad either — besides, you have already located an ideal contractor to take on the project.

But where do you get the needed financing for home flipping? In the event you go after a normal loan via a bank, you will have to wait somewhere around 4-8 weeks up until the time the mortgage is authorized and the money is readily available. Because most home owners would rather have a fast closing, you might have to start looking for additional funding alternatives.

With banks bringing in tougher loan guidelines in recent times, it's become much harder for a self-employed person to find a home loan, especially if his credit score is not flawless. So must you give up and abandon your desire to venture into the real estate market? Not at all, particularly while Bridgeport hard money loans can help you accomplish many amazing things in the real estate market.

A hard money home loan in Bridgeport can provide what is viewed as vital to most real estate sales — a quick closing of only a 2-3 weeks and sometimes less. Besides that, hard money lenders can approve lending up to 70% LTV of the property or home value, as established by a certified third-party appraiser. At first, hard money real estate loans, with starting lending rates of 10%, could be seen as higher in price than bank financing. But in reality, the rate of interest is not as useful a measure for these loans, because they are not long-term loans. When it comes to short-term loans of 1 or 2 years or less, you should look at them similar to any sort of other expense for the project. When you have sold the property or home and have made a positive financial gain, you'll be able to get back this expense from the house — very much like recovering the money necessary for the brand-new appliances for the kitchen that you have put in.

Besides, hard money mortgages are not difficult to qualify for, even when you have poor credit. The customer's credit score will not be the sole determining factor for Bridgeport hard money lenders — in addition, they consider the home, what is it valued at, its location, and its capacity to earn back their investment if things should not work out as planned. The total amount that an individual can put down beforehand towards the property or home, his past real estate experience, and selling price of comparative properties in the same vicinity are additional details that go into establishing a borrower's suitability for a hard money real estate loan.

Locating a hard money lender in Bridgeport to finance your renovation project is not very hard, provided that the opportunity before you is promising and has the right prospect for returns. Submit the form or get in touch with us via phone to talk about your property or properties.