A fantastic buy on a fix and flip property located in an excellent area of the city all of a sudden shows up — seems too good to be true. Expert property flippers, like the young couple on Flip or Flop, HGTV's reality flipping program, are able to generate a profit of $40-$50k on a consistent basis. Of course, you also know that their successes are credited to the simple fact that they are industry experts, are well versed in hard money loans, they understand market trends really well and in addition, they know how to work a public auction to purchase their properties at a reasonable price. With that being said, you have recently been brushing up your rehab and remodeling skills, have a very good general contractor ready to go and are positive that you can do a stellar job on this home.

But how can you obtain the necessary funding for home flipping? Should you approach a customary lender, such as a bank for financing, it is more than likely going to take, as a minimum, thirty to sixty days for the approval to be completed and the money to be accessible. Since most sellers would rather have a fast closing, you might want to begin seeking out additional funding options.

With banks introducing harder loan criteria in recent years, it is now more challenging for a self-employed individual to obtain a mortgage loan, especially when his credit rating is not optimal. So does that leave you with no other option, but to abandon your ambition of getting into home renovating? Under no circumstances, especially when Buhl hard money loans can help you achieve many amazing things in the real estate market.

Should you apply for a hard money home loan in Buhl, you're going to get what's perhaps most vital to real estate negotiations across the country — a fast closing of around 14 days. Aside from that, loans are made up to 70% loan-to-value of the "as is" home value, as deemed by a professional appraiser. Some people consider hard money real estate loans to be higher priced than regular loans, because the interest rates for these loans often start at 10%. But the term lengths for these loans tend to be comparatively shorter, which means the rate is less important. As it pertains to short-term loans of 1 or 2 years or even less, you should consider them just like you would other expenditures for the project. And as soon as you have flipped the property, recouping this expense is identical to recovering the expense for all the kitchen and bath improvements you did.

Additionally, it isn't difficult to be eligible for a a hard money mortgage, regardless of whether your credit score is not that great. Buhl hard money lenders do not approve a loan strictly on the basis of the applicant's credit score — rather they will look at the home, where it is located and how much it is worth, and the home's ability to pay back the financing on its own. Additional criteria that impact a borrower's approval for a hard money real estate loan can include the amount he is in a position to put towards a down payment, his past experience as a real estate investor, and selling price of comparative, fairly recently sold properties in the area.

If you happen to have found a really good real estate opportunity with a high chance of returns, you have also found yourself a hard money lender in Buhl that's prepared to fund your fix and flip projects. Submit the contact form on this page or get in touch with us via phone and let's discuss your property.