Suppose that you've run into this really great bargain for a fix and flip property located in a great location, and you are either a skilled real estate investor or a first-timer who hopes to try his hand at flipping. Expert home flippers, like the young married couple on Flip or Flop, HGTV's reality flipping program, are capable of bringing in a profit of $40-$50k on a consistent basis. And sure, they are aided in a major way by their professional experience, auction expertise and familiarity with hard money loans. With that being said, you've recently been cultivating your rehab and remodeling skills, have got a licensed contractor ready to go and are confident that you can do a bang up job for this home.

But financing is a separate question entirely. For those who approach a common lending institution, like a bank for a mortgage loan, it is likely going to take a minimum of thirty to sixty days for the acceptance to be completed and your money to be distributed. Due to the fact all the sellers are wanting to find a fast closing, that doesn't seem like a good option to you whatsoever.

To add to it, banks have already been tightening their lending requirements in recent years, which makes it tough for people to receive a conventional loan if their credit circumstances are not perfect or he is lacking a regular salaried occupation. So will a lack of funds keep you from pursuing your ambitions? Definitely not, seeing as you also have the Camden hard money loan alternative.

If you put in an application for a hard money home loan in Camden, you'll get what's possibly most essential to real estate negotiations throughout the country — a very fast closing of about 2 weeks. Additionally, loans can be done for up to 70% loan-to-value of the as-is valuation, as established by a qualified appraiser. At first glance, hard money real estate loans, with starting lending rates of 10%, could be seen as more expensive than bank lending options. But if you appreciate that these are not long-term loans, the rate tends to be misleading. As it pertains to short-term loans of 1 or 2 years or even less, you should think about them similar to any other expenditure for the project. And as soon as you have finally flipped the house, recuperating this expense is the exact same as recouping the expense for all the bathroom improvements you did.

Furthermore, even an individual with bad credit will be able to qualify for a hard money mortgage. Camden hard money lenders don't take on a loan solely based on the borrower's credit score — instead they additionally analyze the property, its location and value, and the property's capacity to pay back the financing independent of the borrower. The amount that an applicant can put down in advance towards the home, how much experience he has in real estate investing, and selling price of comparative homes in the same vicinity are additional factors that go into determining an individual's suitability for a hard money real estate loan.

If you happen to have stumbled upon a wonderful fixer-upper with a huge potential for returns, you've also discovered a hard money lender in Camden that's ready to finance your flipping projects. Enter your info into the form or get in touch with us via phone to discuss the project you have in mind.