There is this outstanding opportunity to rehab and flip this nice outdated house in a very good area and it looks a lot like the one you've been expecting for a long time. A majority of people know that skilled professional flippers, like Tarek and Christina El Moussa who do HGTV's reality home flipping program, Fix or Flop, can readily generate an average profit margin of $40,000 to $50,000 on their home projects. And without a doubt, they are aided in a big way by their professional knowledge, auction expertise and understanding of hard money loans. Having said that, you've also been developing your rehab and remodeling knowledge, have a building contractor lined up and are positive that you can do an impressive job for this house.

But where can real estate investors get financing? For those who get in touch with a regular lending institution, like a bank for a loan, it likely will take a minimum of thirty to sixty days for the acceptance to come through and your money to be furnished. Considering that the sellers are wanting to find a fast closing, that does not seem like a wise idea to you at all.

With banks establishing tougher loan requirements in the past few years, it is now more difficult for a self-employed person to find a mortgage loan, especially if his credit circumstances are not optimal. So will inadequate funds prevent you from sticking to your dream? By no means, due to the fact you can always use the Bristol hard money loan approach to fund your home flipping project.

A hard money home loan in Bristol offers you what's deemed crucial to many real estate transactions — a fast closing of only a 2-3 weeks and at many times less. Also, hard money lenders can do loans up to 70% LTV of the home value, as determined by a licensed third-party evaluator. On the surface, hard money real estate loans, with starting interest rates of 10%, could be seen as more costly than bank lending products. But the time frames of these loans tend to be comparatively short, which means the interest rate is much less important. As it pertains to short-term loans of a few years or even less, you should consider them identical to every other expenditure for the project. Right after you remodel and sell off the home, recuperating this expense is no different than recouping the cost of the stainless steel appliances you installed in the house.

Furthermore, even someone with low credit can easily be eligible for a hard money mortgage. Bristol hard money lenders don't take on a loan solely judging by the person's credit score — rather they will evaluate the property, its location and value, and the home's capability to pay back the loan by itself. On top of that, if the individual can demonstrate prior experience in equivalent real estate endeavors, can place down money for the down payment, and the cost of comparative homes in the neighborhood works to his benefit, he will have a good likelihood of being eligible to obtain a hard money real estate loan.

Finding a hard money lender in Bristol to cover expenses for your flipping business is not very hard, provided that the opportunity that lies before you is promising and offers the right prospect for returns. Enter your info into the form on this page or give us a call to discuss the property or properties you have in mind.