Hard Money Loans in Bridgeview
You discovered this outstanding opportunity to renovate and flip this nice out of date house in a very good part of town and it seems a lot like the deal you've been looking forward to for quite a while. Expert home flippers, similar to the young couple on Flip or Flop, HGTV's reality flipping program, are able to generate a profit of $40-$50k as an average on more than one occasion. And sure, they are aided in a big way by their professional knowledge, auction skills and understanding of hard money loans. Nonetheless, your rehab and renovation knowledge isn't bad either — aside from that, you've already identified a good contractor to handle the project.
But where can you find the needed funding for flipping? If you go after a traditional loan from the bank, you will wind up waiting roughly 1 to 2 months up until the time the financing is approved and your money is available. So if you will be expecting a fast closing, it is important you understand or know that this could cost you weeks, making you miss out on the home.
As well as this, in case you have an unfavorable credit situation or do not receive a routine income, it is normally more challenging for you to obtain bank financing, with the stricter loan requirements banks have issued recently. So does this leave you with no option, but to drop your ambition of venturing into home renovating? By no means, particularly when Bridgeview hard money loans enable you to achieve great things in real estate.
When you obtain a hard money home loan in Bridgeview, you will get what is perhaps most essential to real estate transactions across the country — a fast closing of around a couple weeks. Furthermore, hard money lenders are capable of doing funding up to 70% LTV of the property's valuation, as determined by a professional third-party evaluation. A number of people consider hard money real estate loans to be more costly than customary loans, since the lending rates for such loans generally start off at 10%. But the lengths of these loans are quite shorter, which makes the rate far less important. The price of such short-term loans ought to be viewed much like every other cost that you would need to meet pertaining to the project. Right after you remodel and resell the house, recovering this expense is just like recovering the money you spent for stainless steel appliances you put in the house.
Apart from this, hard money mortgages are easy qualifying, regardless if you have very bad credit. Bridgeview hard money lenders do not take on a loan solely judging by the borrower's credit score — rather they will assess the home, its valuation and location, and the home's capacity to pay back the financing by itself. On top of that, if the applicant can demonstrate past experience in comparable real estate ventures, can place down cash for the down payment, and the price of comparable properties in the area works to his benefit, he has a very good chance of being eligible for a hard money real estate loan.
So should you come across a good and worthwhile flipping opportunity, be assured you will have a hard money lender in Bridgeview, equipped to loan you the cash that you need. Fill out the contact form on this page or call us and let's discuss your project.
A loan specialist will be in touch shortly