Hard Money Loans in Carlyle

Suppose you've encountered this really great deal on a fix and flip property you found in an ideal neighborhood, and you are either an experienced real estate investor or a first-timer who really wants to try out flipping houses. You've heard that veteran property flippers, much like the husband and wife on HGTV's Flip or Flop, enjoy a remarkable average profit near forty to fifty thousand dollars. Of course, you also are aware that their great results can be attributed to the fact that they are industry experts, are knowledgeable in hard money loans, they know market trends quite well and in addition, they know how to work an auction to purchase their properties at a good price. Nonetheless, your rehab and remodeling skills aren't bad either — aside from that, you have already located the right general contractor to tackle this home.

But capital can be a different problem altogether. For those who approach a customary lender, much like a bank for a mortgage loan, it's very likely going to take no less than four to eight weeks for the approval to be completed and your funds to be distributed. Given that sellers would rather have a fast closing, you may have to start looking for other funding options.

On top of this, banks have been tightening up their lending criteria in recent times, which makes it hard for someone to receive a traditional loan if their credit score is not perfect or he does not possess a regular salaried job. So does that mean you are without an option, but to abandon your ambition of getting into home renovating? Never, due to the fact you could always go the Carlyle hard money loan route to pay for your rehab project.

A hard money home loan in Carlyle offers what is regarded as imperative to many real estate sales — a quick closing of only a couple of weeks and more often than not less. What's more, the LTV value can range up to 70% of the property's valuation, as estimated by a credentialed appraiser. With lending rates starting off around 10%, hard money real estate loans may seem, at first, to be more expensive compared to traditional bank financing. But if you understand these are not long-term home loans, the interest rate can be misleading. Short-term loans of a couple months to a few years are best looked at in terms of cost of capital, the same as all other expenditures associated with a project. And when you have sold the property or home, recuperating this expense is the exact same as recovering the expense for all the kitchen and bath improvements you did.

Furthermore, even a person with poor credit can still be eligible for a hard money mortgage. Carlyle hard money lenders don't authorize a loan solely based on the borrower's credit score — rather they will look at the home, its location and value, and the property's capability to pay back the financing independent of the borrower. Adding to this, if the person have proven experience in similar real estate endeavors, can put down cash towards a down payment, and the price of similar properties in the area works to his benefit, he will have a very good shot of being eligible to obtain a hard money real estate loan.

So any time you come across an outstanding and lucrative flipping opportunity, feel comfortable knowing you'll have a hard money lender in Carlyle, equipped to lend you the capital you need. Submit the contact form on this page or get in touch with us via phone and let's discuss the property or properties you have in mind.

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