Hard Money Loans in Cambridge

There is this phenomenal possibility for renovating and flipping this nice outdated property or home in a very good part of town and it looks a lot like the one you've been looking forward to for quite some time. A majority of people know that expert professional flippers, like Tarek and Christina El Moussa who star in HGTV's reality flipping show, Fix or Flop, can generate an average profit margin of $40,000 to $50,000 when they flip properties. Of course, you also are aware that their results are attributed to the simple fact that they're industry experts, are proficient in hard money loans, they know the marketplace really well and furthermore, they are good at working an auction to purchase their properties at a reasonable price. Nonetheless, your rehab and renovation skills aren't that bad either — aside from that, you've already found the right building contractor to handle this home.

But where precisely can real estate investors get financing? Should you meet with a regular lender, much like a bank for funding, it can take no less than thirty to sixty days for the approval to come through and your funds to be accessible. Since most home owners would prefer a fast closing, you might have to start searching for other funding alternatives.

To add to it, banks have already been tightening their lending requirements in recent times, making it tough for people to get an ordinary loan if their credit score is not flawless or he does not possess a consistent salaried job. So do you have to give up and forego your ambition to get into the real estate market? Certainly not, seeing as you also have the Cambridge hard money loan alternative.

A hard money home loan in Cambridge offers you what is regarded as crucial to many real estate sales — a fast closing of only a 2-3 weeks and sometimes even less. Further, financing is made up to 70% loan-to-value of the "as is" property value, as calculated by a qualified appraiser. A number of people regard hard money real estate loans to be higher in price than ordinary loans, considering lending rates for these loans usually start out at 10%. But the time frames of these loans are fairly short, making the rate far less significant. The cost of such short-term loans should be considered on par with every other expense that you will have to meet pertaining to the project. And as soon as you've flipped the home, recouping this expense is identical to recuperating the expense for all the bathroom or other upgrades you did.

Furthermore, even individuals with low credit can still be eligible for a hard money mortgage. Cambridge hard money lenders do not take on a loan strictly judging by the borrower's credit score — instead they also examine the property, its location and value, and the home's ability to pay back the loan without the assistance of the applicant. How much a borrower can put down beforehand towards the home, his past real estate experience, and selling price of comparable homes in the same vicinity are other details that go into determining a borrower's eligibility for a hard money real estate loan.

Locating a hard money lender in Cambridge to fund your real estate project is not difficult, provided that the opportunity that lies ahead of you is promising and boasts the right potential for returns. Complete the contact form on this page or give us a call to talk about the project you have in mind.

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Investment property loans only please, no primary residences at this time.