There's this amazing opportunity to renovate and flip this wonderful out of date home in a fantastic part of town and it looks like the deal you've been expecting for quite some time. Many people know that knowledgeable professional flippers, along the lines of Tarek and Christina El Moussa who do HGTV's reality home flipping show, Fix or Flop, are able to generate an average profit margin of forty to fifty thousand dollars on their flips. It's fair to say their rehabbing experience, knowledge of hard money loans, expertise in their housing market, and auction skills have been major factors to their results. On the other hand, you are certain that your superb rehab and remodeling knowledge will enable you to do a quality job on the project — in addition, you have already arranged to have one of the best building contractors in the business to take on this job.

But how do you find the needed funding for flipping? A conventional lending institution, like for example a bank, takes a minimum of 1-2 months to authorize the mortgage and deliver the funds. So if you are wishing for a fast closing, you must realize that this may cost you a few weeks, causing you to miss out on the opportunity.

To add to it, banks have been tightening up their lending standards as of late, rendering it more challenging for someone to receive an ordinary home loan if their credit rating is not flawless or he is lacking a regular salaried job. So does this mean you are without an option, but to abandon your ambition of getting into flipping? Not at all, particularly while Carrollton hard money loans can help you achieve many amazing things in the real estate market.

If you apply for a hard money home loan in Carrollton, you'll get what's possibly most essential to real estate purchases throughout the country — a quick closing of about fourteen days. In addition, the LTV value can go up to 70% of the property's valuation, as estimated by a certified appraiser. At first, hard money real estate loans, with starting lending rates of 10%, seem to be higher in price than bank loans. But the term lengths for these loans are rather short, making the interest rate less important. As it pertains to short-term loans of 1 or 2 years or less, you should think about them identical to any other expenditure for your project. After you remodel and resell the home, recouping this expense is the same as recuperating the one for home appliances you placed into the house.

Also, it is simple to be eligible for a hard money mortgage, regardless of whether your credit score is not that extraordinary. Carrollton hard money lenders don't take on a loan exclusively judging by the person's credit score — instead they also assess the property or home, its valuation and location, and the home's capacity to pay back the loan by itself. On top of that, if the borrower can demonstrate prior experience in similar real estate projects, can put down cash towards the down payment, and the price of comparable homes in the vicinity works in his favor, he has an excellent likelihood of being approved to get a hard money real estate loan.

Locating a hard money lender in Carrollton to finance your real estate project is not very hard, provided that the opportunity that lies ahead of you is promising and offers a good prospect for returns. Fill out the contact form or give us a call to discuss the project you have in mind.