Hard Money Loans in Brookhaven

There is this outstanding opportunity to fix and flip this wonderful out of date house in a fantastic location and it looks a lot like the deal you've been wanting for quite some time. You've heard that veteran house flippers, such as the couple on HGTV's Flip or Flop, turn an impressive average return of around forty to fifty thousand dollars. And sure, they are aided in a major way as a result of their professional experience, auction skills and knowledge of hard money loans. That said, you have recently been developing your rehab and remodeling knowledge, have got a building contractor ready to go and are confident that you can do a great job for this house.

But how exactly do real estate investors find financing? Should you meet with a common lending institution, like a bank for funding, it's more than likely going to take at least 30-60 days for the approval to come through and your funds to be given out. Since most home owners would rather have a fast closing, you may have to start looking for some other financing options.

With banks adding tougher loan criteria in the past several years, it has become much harder for a self-employed person to obtain a home loan, especially when his credit situation is not flawless. So does this leave you with no other option, but to give up your dream to venture into the fix and flip business? By no means, especially while Brookhaven hard money loans can help you accomplish great things in the real estate market.

If you opt for a hard money home loan in Brookhaven, you'll get what's probably most essential to real estate purchases across the country — a fast closing of roughly two weeks. Besides that, hard money lenders can approve lending up to 70% LTV of the home value, as assessed by a credentialed 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 lending products. But the term lengths for these loans are quite shorter, which means the rate is far less important. The cost of such short-term loans ought to be viewed much like any other expense that you would encounter in the course of the project. Once you've turned the property or home and have made a good profit, you can recoup this expense from the house — much like recovering the cost of brand-new kitchen appliances that you installed.

Additionally, it is easy to qualify for a hard money mortgage, even if your credit rating is not that great. Brookhaven hard money lenders do not take on a loan solely on the basis of the customer's credit score — instead they will assess the home, its location and value, and the property's ability to pay back the loan on its own. Adding to that, if the person have proven experience in equivalent real estate endeavors, can place down cash towards the down payment, and the price of comparable properties in the vicinity works in his favor, he stands a really good shot of qualifying to obtain a hard money real estate loan.

If you happen to have stumbled upon a really great fixer-upper with a significant potential for returns, you have also stumbled upon a hard money lender in Brookhaven that's willing to provide funding for your rehab projects. Enter your info into the contact form or give us a call to discuss the property you have in mind.

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Investment property loans only please, no primary residences at this time.