Suppose you've encountered this truly good deal on a fix and flip property in a great location, and you happen to be either an experienced real estate investor or a first-timer who is looking to try out flipping homes. Expert property flippers, much like the young couple on Flip or Flop, HGTV's reality flipping series, are able to haul in a profit of forty to fifty grand on most projects. And sure, they are aided in a major way as a result of their professional experience, auction expertise and familiarity with hard money loans. On the other hand, you are certain that your first class rehab and renovation talents will help you do an outstanding job for this project — additionally, you already have lined up one of the finest contractors in the business to take care of the project.

But money is a separate question altogether. A traditional lending institution, say for example a bank, takes at the very least one to two months to consent to the mortgage and release the cash. Since the majority of sellers would rather have a fast closing, you might want to begin searching for additional financing alternatives.

Furthermore, should you have a sub-optimal credit situation or don't receive a conventional income source, it can be tougher for you to be eligible for bank financing, considering the stricter loan criteria banks have put in place lately. So does this leave you with no other option, but to abandon your aspiration to venture into the fix and flip business? Under no circumstances, especially while Brooklyn, Connecticut hard money loans enable you to realize many amazing things in the real estate world.

If you decide to opt for a hard money home loan in Brooklyn, you have access to what's possibly most essential to real estate purchases across the country — a very fast closing of around fourteen days. Further, financing can be made up to 70% loan-to-value of the "as is" house's valuation, as established by a professional appraiser. At first, hard money real estate loans, with starting interest rates of 10%, appear to be more pricey than bank lending products. But the term lengths for these loans are quite short, making the interest rate less significant. The price tag on such short-term loans ought to be viewed much like any other financial outlay that you might encounter during the project. Right after you remodel and sell the house, recovering this expense is just like recovering the expense for new kitchen appliances you placed into the property.

Besides, hard money mortgages are not difficult to qualify for, regardless if you have got a low credit score. Brooklyn hard money lenders don't take on a loan strictly according to the borrower's credit score — instead they also analyze the property or home, its location and value, and the home's capacity to pay back the financing by itself. Other factors that have an impact on an individual's acceptance for a hard money real estate loan include how much money he can put into a down payment, his prior experience being a real estate investor, and price of comparative, just recently sold properties in the neighborhood.

So in the event you run into a very good and profitable investment opportunity, feel comfortable knowing you will have a hard money lender in Brooklyn, able to lend you the cash that you need. Submit the form on this page or get in touch with us via phone to discuss the property or properties you have in mind.