Hard Money Loans in Castle Rock

Suppose that you've encountered this excellent bargain for a fix and flip property you found in an ideal neighborhood, and you happen to be either an experienced real estate investor or a first-timer who really wants to try his hand at flipping. Everyone knows that expert professional flippers, like Tarek and Christina El Moussa who do HGTV's reality home flipping series, Fix or Flop, can readily turn an average profit margin of $40,000 to $50,000 on their home projects. And indeed, they are helped in a major way by their professional know-how, auction expertise and understanding of hard money loans. Having said that, you have also been brushing up your rehab and remodeling skills, have a very good building contractor ready to go and are certain that you will be able to do a bang up job on this property.

But where precisely do real estate investors obtain financing? For those who opt for an ordinary bank loan, you will wind up waiting approximately 1-2 months before the money is authorized and the funds are available. With all the sellers wanting a fast closing, that doesn't appear to be a great idea to you in the slightest.

Furthermore, if you have a less-than-perfect credit situation or do not receive a routine income source, it may be tougher to obtain a bank loan, with the more stringent loan guidelines banks have issued as of late. So does that mean you are without an option, but to abandon your aspiration of getting into rehabbing? Never, considering that you could always go the Castle Rock hard money loan route to pay for your home renovating project.

If you should get a hard money home loan in Castle Rock, you have access to what is probably most important to real estate purchases across the country — a very fast closing of about fourteen days. What's more, the LTV value can range up to 70% of the place's valuation, as estimated by a certified appraiser. At first glance, hard money real estate loans, with starting lending rates of 10%, seem to be more costly than bank lending options. But the lengths of these loans tend to be quite short, making the rate far less important. The price of such short-term loans should be considered on par with any other financial outlay that you will have to meet pertaining to the project. After you rehab and sell the house, recouping this expense is just like recouping the cost of the new kitchen appliances you placed into the home.

What's more, it's simple to be eligible for a a hard money mortgage, even if your credit situation is not that extraordinary. Instead of focusing entirely on the person's credit score or income, Castle Rock hard money lenders, who could be a privately owned company or an individual person, authorize a loan as a result of examining the home value, how easy it will be to market, where it is located, and the odds of recuperating their capital in case they have to foreclose the loan. How much money an applicant can put down beforehand towards the home, his real estate experience, and selling price of comparable properties in the same neighborhood are various other factors that go into determining a person's qualification for a hard money real estate loan.

So in case you have found an excellent fixer-upper with a high chance of returns, you have also found yourself a hard money lender in Castle Rock that is ready to provide financing for your fix and flip venture. Submit the contact form on this page or get in touch with us via phone and let's talk about your property.

Request More Information

A loan specialist will be in touch shortly

Personal Info

Project Info

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