Hard Money Loans in Cadillac
There is this amazing opportunity to fix and flip this wonderful old home in a good location and it looks like the deal you have been wanting for a long time. Most folks know that expert professional flippers, such as Tarek and Christina El Moussa who do HGTV's reality home flipping program, Fix or Flop, can readily turn a typical profit of forty to fifty thousand dollars on their home projects. Undoubtedly, you also know that their results are due to the simple fact that they are industry experts, are knowledgeable in hard money loans, they understand the market quite well and in addition, they are good at working an auction for getting a good deal. Having said that, you have also been developing your rehab and remodeling skills, have a licensed contractor ready for the project and are certain that you can do a great job for this property.
But money is usually a different question entirely. Should you meet with a standard lender, much like a bank for a loan, it's very likely going to take, at the very least, 30-60 days for the approval to come through and the money to be given out. Given that sellers would prefer a fast closing, you may have to start seeking out other financing alternatives.
With banks bringing in tougher loan criteria in the last few years, it is now much harder for a self-employed person to find a mortgage loan, particularly if his credit rating is not flawless. So does that mean you have no option, but to drop your ambition to venture into home flipping? Never, due to the fact you could always go the Cadillac hard money loan route to fund your home flipping project.
A hard money home loan in Cadillac promises what is probably most sought after by real estate investors — a fast closing time of as few as 14 days. Besides that, hard money lenders are capable of doing lending up to 70% LTV of the home value, as determined by a licensed third-party evaluation. With the loan rates starting off near 10%, hard money real estate loans may appear, at first glance, to be more pricey when compared with traditional bank loans. But when you consider these are not long-term home loans, the rate can be misleading. Short-term loans of a couple months to a few years are best approached as cost of capital, very much like every other expenditure associated with a project. Right after you remodel and unload the home, recovering this expense is the same as recovering the one for home appliances you installed in the property.
Also, it's simple to qualify for a hard money mortgage, regardless if your credit score is not that extraordinary. Cadillac hard money lenders don't authorize a loan strictly judging by the applicant's credit score — instead they will evaluate the property or home, where it is located and how much it is worth, and the property's capacity to pay back the loan by itself. Adding to that, if the person have proven experience in comparable real estate ventures, can place down money towards a down payment, and the cost of comparative houses in the area works in his favor, he has a really good shot of being eligible to obtain a hard money real estate loan.
So should you come across an outstanding and profitable flipping opportunity, rest assured you will have a hard money lender in Cadillac, in a position to loan you the cash that you need. Fill out the form or give us a call and let's discuss your property or properties.
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