An incredible bargain on a fix and flip property in a very good neighborhood all of a sudden shows up — sounds so good that it is difficult to believe. You've probably heard that veteran home flippers, like the married couple on HGTV's Flip or Flop, have an impressive average profit near $40,000 – $50,000. And sure, they are helped in a big way as a result of their professional knowledge, auction abilities and knowledge of hard money loans. However, you are convinced that your first class rehab and renovation talents will help you do a superb job on the project — furthermore, you have already lined up one of the premier contractors in the business to take care of this project.

But where can you obtain the needed capital for home flipping? When you apply for a conventional loan via a bank, you will end up waiting somewhere around 1-2 months until eventually the loan is authorized and your funds are ready. With all the sellers wanting a fast closing, that does not appear like a good option to you in the slightest.

On top of this, banks have already been tightening their lending criteria in recent times, which makes it challenging for a person to get a traditional loan if their credit rating is not perfect or he is lacking a consistent salaried job. So should you give up and forego your desire to venture off into fix and flips? Never, considering that you can always go the Brighton hard money loan route to pay for your home flipping project.

Should you obtain a hard money home loan in Brighton, you're going to get what is perhaps most essential to real estate purchases throughout the country — a very fast closing of about two weeks. Aside from that, loan amounts can be done for up to 70% loan-to-value of the as-is house's valuation, as established by a professional appraiser. With loan rates starting out at about 10%, hard money real estate loans may seem, at first, to be more expensive in comparison with traditional bank financing. But usually, the interest rate isn't as relevant for these loans, since they will never be long-term loans. Short-term loans of a couple months to a handful of years are best looked at in terms of cost of capital, much like any other financial outlay related to a project. After you fix up and resell the property, recuperating this expense is the same as recouping the expense for home appliances you installed in the house.

Apart from this, hard money mortgages are not hard to qualify for, regardless if you posses very bad credit. Rather than focusing only on the person's credit score or income, Brighton hard money lenders, who can be a privately owned company or an individual person, say yes to a loan after analyzing the property value, its marketability, where it is located, and the likelihood of recovering their capital should they have to foreclose the loan. On top of this, if the applicant can demonstrate prior experience in similar real estate projects, can place down money towards the down payment, and the value of comparative homes in the vicinity works to his benefit, he has a good chance of qualifying for a hard money real estate loan.

So if you have stumbled on a really good real estate opportunity with a huge chance of returns, you've also stumbled upon a hard money lender in Brighton who's willing to provide financing for your fix and flip projects. Fill out the contact form on this page or get in touch with us via phone to discuss the property you have in mind.