There's this outstanding possibility for fixing and flipping this wonderful out of date property or home in a good location and it seems like the one you have been eagerly waiting on for quite some time. Everybody knows that capable professional flippers, such as Tarek and Christina El Moussa who do HGTV's reality home flipping program, Fix or Flop, can generate an average profit of $40,000 to $50,000 when they flip properties. Undoubtedly, you also recognize that their successes are due to the simple fact that they're experts, are knowledgeable in hard money loans, they understand the market really well and in addition, they are good at working a public auction for getting a good price. Still, your rehab and remodeling skills aren't bad either — besides, you have already found a good general contractor to tackle this home.

But where do you obtain the needed financing for home flipping? In the event you opt for a normal loan from the bank, you will wind up waiting approximately 1-2 months before the financing is authorized and the funds are readily available. So if you will be anticipating a fast closing, you need to understand or know that this may cost you a couple weeks, making you miss out on the opportunity.

With banks bringing in tougher loan requirements in recent years, it is more challenging for a self-employed person to find a mortgage loan, especially when his credit score is not flawless. So must you admit defeat and forego your desire to venture into fix and flips? Not at all, especially when Carbondale hard money loans can help you accomplish many amazing things in the real estate world.

A hard money home loan in Carbondale provides what's viewed as vital to many real estate transactions — a quick closing of only a few weeks and at times less. What's more, the LTV value can reach up to 70% of the property value, as estimated by a credentialed appraiser. With loan rates starting off near 10%, hard money real estate loans may look, initially, to be more expensive compared to conventional bank loans. But if you consider these are not long-term mortgage loans, the interest rate may be misleading. Short-term loans of several months to a handful of years are best approached in terms of cost of capital, the same as all other costs in connection with a project. And as soon as you have sold the home, recovering this expense is identical to recovering the expense for the kitchen and bath upgrades you did.

Aside from that, hard money mortgages are not difficult to qualify for, whether or not you have bad credit. Rather than focusing exclusively on the applicant's credit score or income, Carbondale hard money lenders, who may be a private company or an individual, say yes to a loan as a result of evaluating the home value, how easy it will be to market, its location, and the likelihood of getting back their money in case of foreclosure. Adding to this, if the person can demonstrate prior experience in comparable real estate ventures, can put down money for a down payment, and the price of comparable houses in the neighborhood works in his favor, he stands a really good chance of being approved to obtain a hard money real estate loan.

So if you have stumbled on a really good home to flip with a huge potential for returns, you've also discovered a hard money lender in Carbondale that is willing to provide financing for your flipping projects. Complete the form on this page or call us to talk about your project.