You discovered this phenomenal possibility for fixing and flipping this wonderful outdated home in a fantastic part of town and it seems like the one you've been wanting for quite some time. Expert home flippers, such as the young couple on Flip or Flop, HGTV's reality flipping program, are capable of generating a gain of $40-$50k on a regular basis. And yes, they are helped in a major way via their professional knowledge, auction skills and knowledge of hard money loans. Still, your rehab and remodeling skills aren't bad either — aside from that, you have already identified the right licensed contractor to tackle this job.

But where do you get the necessary funding for flipping? For those who approach a customary lending institution, much like a bank for a mortgage loan, it likely will take, as a minimum, 30-60 days for your approval to come through and the funds to be accessible. Thus if you are hoping for a fast closing, it's important to understand or know that this may set you back by a couple weeks, making you lose out on the house.

To add to it, banks have already been tightening up their lending standards in recent times, which makes it tough for someone to get a traditional home loan if their credit score is not perfect or he does not possess a consistent salaried job. So will inadequate funds keep you from pursuing your ambitions? Certainly not, because you always have the Brunswick hard money loan alternative.

A hard money home loan in Brunswick can provide what's regarded as imperative to many real estate transactions — a fast closing of just a few weeks and at times less. Besides that, hard money lenders will often consent to loans up to 70% LTV of the home value, as identified by a credentialed third-party evaluator. A number of people regard hard money real estate loans to be higher priced than regular loans, considering lending rates of such loans usually start out at 10%. But usually, the lending rate is not as relevant for these loans, since they will never be long-term financing. Short-term loans of a couple months to a handful of years are best looked at as cost of capital, the same as every other expenditure involved with a project. After you renovate and unload the home, recovering this expense is the same as recovering the one for new kitchen appliances you placed into the home.

Additionally, it is easy to qualify for a hard money mortgage, even when your credit situation is not that extraordinary. The applicant's credit score isn't the exclusive determining factor for Brunswick hard money lenders — they also evaluate the piece of real estate, what is it valued at, where it is located, and its capability to return their investment if everything does not work out as planned. Other criteria that have an impact on a borrower's approval for a hard money real estate loan can include how much he can put into a down payment, his prior experience being a real estate investor, and price of comparative, fairly recently sold residences in the neighborhood.

Locating a hard money lender in Brunswick to fund your flipping business is not difficult, as long as the opportunity that lies ahead of you is promising and possesses the right potential for returns. Submit the contact form or give us a call to talk about your property or properties.