Hard Money Loans in Cairo
You discovered this outstanding opportunity to renovate and flip this nice out of date home in a very good location and it looks a lot like the deal you've been eagerly waiting on for quite a while. You may have heard that professional home flippers, much like the married couple on HGTV's Flip or Flop, have an impressive average profit close to forty to fifty thousand dollars. And without a doubt, they are helped in a big way via their professional know-how, auction abilities and familiarity with hard money loans. Nevertheless, you are assured that your first class rehab and renovation abilities will help you do a great job on this project — furthermore, you already have arranged to have one of the premier general contractors in the area to work on this project.
But where do real estate investors get funds? A conventional lender, for instance a bank, takes at the very least one to two months to authorize the mortgage and deliver the money. Thus if you are looking for a fast closing, you must be aware that this could cost you weeks, causing you to miss out on the home.
To add to it, banks have been tightening up their lending requirements as of late, making it difficult for people to get a conventional loan if their credit situation is not flawless or he doesn't have a regular salaried occupation. So will a shortage of funding prevent you from following your ambitions? Most certainly not, seeing as you always have the Cairo hard money loan option.
A hard money home loan in Cairo gives you what's probably most sought after by real estate investors — a very fast closing in as few as 2 weeks. What's more, the LTV value can reach up to 70% of the home's valuation, as determined by a certified appraiser. Some individuals regard hard money real estate loans to be higher priced than regular loans, because the lending rates of such loans normally start out at 10%. But when you appreciate that these loans are not long-term home loans, the rate may be misleading. The price of such short-term loans ought to be viewed on par with any other expense that you would encounter during the project. And once you've sold the home, recouping this expense is identical to recovering the expense for the bathroom or other improvements you performed.
Moreover, even an individual with low credit can easily be eligible for a hard money mortgage. The borrower's credit score isn't the lone deciding factor for Cairo hard money lenders — they also evaluate the piece of real estate, its market value, its location, and its capability to return their investment if things do not work out as intended. On top of that, if the borrower can demonstrate past experience in equivalent real estate ventures, can put down cash for a down payment, and the price of comparative homes in the area works to his benefit, he has a good chance of qualifying to obtain a hard money real estate loan.
So in the event you run into a good and profitable flipping opportunity, relax knowing you will have a hard money lender in Cairo, ready to loan you the funds you will need. Fill out the contact form or get in touch with us via phone and let's talk about your project.
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