Hard Money Loans in Casper
An incredible buy on a fix and flip property in a very good area of the city suddenly shows up — seems so good that it is difficult to believe. Everyone knows that skilled professional flippers, such as Tarek and Christina El Moussa who star in HGTV's reality flipping program, Fix or Flop, can readily earn an average profit margin of forty to fifty thousand dollars in their rehab business. It goes without saying their rehabbing experience, knowledge of hard money loans, expertise in their housing market, and auction talents have played a big role in their successes. Having said that, you have also been brushing up your rehab and remodeling skills, have got a licensed contractor ready for the project and are confident that you will be able to do a stellar job for this house.
But how do you find the needed funding for flipping? If you apply for an ordinary bank loan, you will end up waiting approximately 30-60 days before the mortgage loan is approved and your money is ready. Considering that all the sellers are wanting to find a fast closing, that doesn't seem like a good option to you in the slightest.
As well as this, if you have an unfavorable credit score or don't have a routine income, it can be tougher for you to obtain bank financing, seeing the tighter loan criteria banks have put in place of late. So does that leave you with no other option, but to abandon your dream to venture into the fix and flip business? By no means, particularly when Casper hard money loans can help you achieve many amazing things in real estate.
A hard money home loan in Casper boasts what's possibly most desired by real estate investors — a fast closing time of as little as two weeks. Besides that, hard money lenders can approve funding up to 70% LTV of the home value, as determined by a credentialed third-party evaluator. At first glance, hard money real estate loans, with starting lending rates of 10%, appear to be higher priced than bank financing. But once you consider these loans are not long-term loans, the rate of interest tends to be misleading. Short-term loans of a couple months to a handful of years are best looked at in terms of cost of capital, similar to every other financial outlay related to a project. After you renovate and resell the house, recouping this expense is no different than recovering the one for new kitchen appliances you put in the property.
Besides, hard money mortgages are not hard to qualify for, whether or not you have got poor credit. The applicant's credit score will not be the single deciding factor for Casper hard money lenders — additionally, they consider the house, what is it valued at, its location, and its capacity to bring back their financial commitment if things do not go as intended. Several other criteria that affect an applicant's acceptance for a hard money real estate loan can include what amount of money he is in a position to put towards a down payment, his former experience as a real estate investor, and price range of comparative, just recently sold residences nearby.
So in case you have stumbled upon a really great real estate opportunity with a huge prospect of returns, you've also found yourself a hard money lender in Casper who is prepared to provide financing for your rehab projects. Fill out the contact form on this page or get in touch with us via phone and let's discuss the property you have in mind.
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