Hard Money Loans in Bristol
You discovered this phenomenal opportunity to fix and flip this wonderful out of date condo in a good location and it seems like the deal you have been anticipating for a long time. You've probably heard that professional property flippers, such as the married couple on HGTV's Flip or Flop, enjoy an impressive average profit of around forty to fifty thousand dollars. Naturally, you also recognize that their great results are credited to the fact that they're professionals, are well versed in hard money loans, they understand market trends really well and furthermore, they know how to work an auction for getting a reasonable price. Still, your rehab and remodeling skills aren't that bad either — besides, you have already located an ideal general contractor to start this home.
But money is usually a separate issue altogether. For those who opt for a traditional bank loan, you will need to wait somewhere around one to two months until eventually the financing is authorized and your money is accessible. So if you will be anticipating a fast closing, it's important for you to be aware that this could cost you a couple weeks, making you lose out on the house.
To add to it, banks have already been tightening their lending criteria as of late, making it hard for someone to obtain a typical home loan if their credit situation is not perfect or he doesn't have a regular salaried profession. So must you stop trying and forego your aspiration to venture into real estate? Not at all, particularly when Bristol hard money loans enable you to achieve great things in the real estate world.
When you obtain a hard money home loan in Bristol, you will get what is possibly most important to real estate offers across the country — a fast closing of around fourteen days. Additionally, financing can be made up to 70% loan-to-value of the as-is property's valuation, as determined by a qualified appraiser. With the loan rates starting off around 10%, hard money real estate loans may look, initially, to be more costly in comparison with traditional bank loans. But the time frames of these loans are quite shorter, making the interest rate far less important. The cost of such short-term loans ought to be considered much like every other expense that you will encounter during the project. After you remodel and sell off the home, recovering this expense is just like recovering the cost of the stainless steel appliances you put in the property.
Moreover, even an individual with poor credit can easily be eligible for a hard money mortgage. The customer's credit score will not be the single deciding factor for Bristol hard money lenders — additionally, they look at the house, what is it valued at, its location, and its capability to earn back their financial commitment if everything does not go as intended. On top of that, if the borrower have proven experience in equivalent real estate endeavors, can place down cash towards a down payment, and the price of comparative homes in the vicinity works in his favor, he stands a good chance of being eligible for a hard money real estate loan.
So if you have stumbled upon a wonderful home to flip with a high potential for returns, you have also stumbled upon a hard money lender in Bristol that is ready to finance your fix and flip project. Fill out the contact form or call us and let's talk about your property.
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