Hard Money Loans in Campbell

An outstanding deal on a fix and flip property located in a good area of the city suddenly shows up — seems so good that it is difficult to believe. You've probably heard that competent property flippers, much like the married couple on HGTV's Flip or Flop, turn a remarkable average profit margin close to $40,000 – $50,000. And indeed, they are helped in a major way via their professional knowledge, auction expertise and knowledge of hard money loans. On the other hand, you are convinced that your first class rehab and renovation knowledge will enable you to do a superb job on the property — in addition, you've already lined up one of the most sought after building contractors in the area to work on the project.

But capital is usually a separate question altogether. If you apply for a traditional loan from the bank, you will end up waiting around somewhere around 4-8 weeks before the financing is approved and your funds are ready. Thus if you are anticipating a fast closing, you need to understand that this could set you back by a few weeks, making you miss out on the house.

With banks establishing tougher loan guidelines in the last few years, it has become much harder for a self-employed person to find a home loan, especially if his credit circumstances are not optimal. So does this leave you with no other option, but to abandon your ambition of venturing into home renovating? Absolutely not, because you always have the Campbell hard money loan option.

A hard money home loan in Campbell can provide what's considered crucial to most real estate sales — a very fast closing of only a couple of weeks and at times less. What's more, the LTV value can go up to 70% of the place's valuation, as evaluated by a competent appraiser. Some people consider hard money real estate loans to be higher in price than customary loans, considering lending rates of such loans typically start off at 10%. But once you consider these are not long-term home loans, the rate can be misleading. As it pertains to short-term loans of one or two years or even less, you should think about them similar to any kind of other expenditure for your project. Once you have sold the property or home and have made a successful return, you're able to recover this expense from the property — just like recuperating the money necessary for the brand-new appliances for the kitchen that you've installed.

Apart from this, hard money mortgages are not difficult to qualify for, regardless if you have bad credit. The borrower's credit score is not the exclusive determining factor for Campbell hard money lenders — in addition, they examine the house, its market value, where it is located, and its ability to earn back their investment if everything does not go as planned. Several other criteria that affect a customer's eligibility for a hard money real estate loan can include the amount he can put towards a down payment, his previous experience as a real estate investor, and price range of comparable, fairly recently sold properties nearby.

So should you run into a good and worthwhile flipping opportunity, relax knowing you'll have a hard money lender in Campbell, ready to loan you the cash that you need. Submit the form on this page or give us a call to discuss your property.

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