An outstanding bargain on a fix and flip property located in a nice neighborhood suddenly shows up — seems too good to be true. Expert home flippers, much like the young couple on Flip or Flop, HGTV's reality flipping program, are capable of hauling in a profit of $40-$50k on a consistent basis. No need to explain that their rehabbing experience, knowledge of hard money loans, familiarity with the housing market, and auction skills have had an important part in their successes. Still, your rehab and remodeling knowledge isn't that bad either — besides, you've already found a good contractor to take on this job.

But where precisely do real estate investors obtain capital? When you go after a regular loan via a bank, you will have to wait around somewhere around one to two months up until the mortgage is approved and your money is available. Considering that the home owners are looking for a fast closing, that doesn't appear like a wise idea to you at all.

To add to it, banks have already been tightening their lending criteria as of late, which makes it challenging for people to get a typical loan if their credit rating is not perfect or he doesn't have a regular salaried profession. So will a shortage of financing stop you from pursuing your aspirations? Never, considering that you could always use the Brunswick hard money loan approach to pay for your rehab project.

A hard money home loan in Brunswick boasts what's possibly most sought after by real estate investors — a quick closing time of as few as fourteen days. Furthermore, hard money lenders are able to do funding up to 70% LTV of the home value, as calculated by a licensed third-party appraiser. On the surface, hard money real estate loans, with starting interest rates of 10%, seem to be higher priced than bank lending options. But usually, the rate of interest is not as pertinent for these loans, given that they aren't long-term financing. The cost of such short-term loans should be considered much like any other cost that you will have to meet for the project. Once you've resold the house and have made a successful profit, you can recoup this expense from the property — very much like recouping the money spent on the brand-new kitchen appliances that you have put in.

Aside from that, hard money mortgages are easy qualifying, even when you have very bad credit. As an alternative for focusing solely on the borrower's credit score or wages, Brunswick hard money lenders, who may be a privately owned company or an individual person, authorize a loan after analyzing the property value, ease of marketability, its location, and the possibility of recuperating their money in case of foreclosure. On top of that, if the person can demonstrate past experience in similar real estate ventures, can put down money for the down payment, and the price of similar houses in the vicinity works to his benefit, he will have a good shot of being approved for a hard money real estate loan.

If you happen to have found a really great fixer-upper with a huge probability of returns, you've also found yourself a hard money lender in Brunswick that is ready to provide funding for your fix and flip projects. Complete the contact form on this page or get in touch with us via phone to discuss the property or properties you have in mind.