Hard Money Loans in Carrollton
There's this outstanding opportunity to renovate and flip this nice out of date house in a fantastic location and it seems a lot like the deal you've been wanting for quite some time. Expert home flippers, such as the young married couple on Flip or Flop, HGTV's reality flipping series, are able to haul in a gain of $40-$50k as an average on more than one occassion. And sure, they are helped in a major way by their professional experience, auction expertise and understanding of hard money loans. That said, you've also been developing your rehab and renovation skills, have a licensed contractor lined up and are certain that you're capable of doing a bang up job on this house.
But where do real estate investors get financing? A standard lender, say for example a bank, takes no less than 1-2 months to authorize the financing and release the cash. Since most home owners give preference to a fast closing, you might want to begin seeking out other financing alternatives.
As well as this, should you have a sub-optimal credit situation or don't have a regular source of income, it is usually more difficult for you to qualify for bank financing, seeing the stricter loan requirements banks have issued lately. So does that leave you with no other option, but to drop your aspiration to venture into rehabbing? Under no circumstances, particularly when Carrollton hard money loans enable you to realize great things in the real estate market.
If you should obtain a hard money home loan in Carrollton, you will get what's probably most important to real estate transactions throughout the country — a very fast closing of around two weeks. Aside from that, loans are made up to 70% loan-to-value of the as-is property value, as calculated by a licensed appraiser. At first glance, hard money real estate loans, with starting lending rates of 10%, could be seen as more pricey than bank lending options. But when you consider these are not long-term home loans, the interest rate may be misleading. When it comes to short-term loans of one or two years or even less, you should consider them the same as you might for every other expenditure for the project. And when you've sold the house, recovering this expense is the exact same as recovering the expense for the kitchen and bath upgrades you did.
Besides, hard money mortgages are easy qualifying, even when you have got less-than-perfect credit. Carrollton hard money lenders do not take on a loan exclusively on the basis of the applicant's credit score — rather they also assess the property or home, where it is located and what it is worth, and the property's ability to pay back the loan independent of the applicant. Additional variables that impact an applicant's eligibility for a hard money real estate loan include how much money he can put towards a down payment, his prior experience as a real estate investor, and price range of similar, fairly recently sold residences nearby.
So in case you have stumbled on a wonderful fixer-upper with a significant prospect of returns, you have also stumbled upon a hard money lender in Carrollton who is willing to fund your rehab ventures. Enter your info into the form on this page or give us a call and let's talk about your property.
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