Hard Money Loans in Central

A fantastic deal on a fix and flip property located in a very good area of the city all of a sudden shows up — seems too good to be true. Expert house flippers, such as the young couple on Flip or Flop, HGTV's reality flipping show, are able to haul in a gain of $40-$50k for most homes. And yes, they are aided in a major way due to their professional knowledge, auction expertise and knowledge of hard money loans. Still, your rehab and renovation skills aren't that bad either — aside from that, you've already located the right contractor to handle this job.

But how do you find the needed financing for flipping? If you get in touch with a regular lender, like a bank for a mortgage loan, it is very likely going to take a minimum of 30-60 days for your approval to come through and the money to be sent out. So if you are wishing for a fast closing, it is important you understand that this will set you back by a couple of weeks, making you miss out on the opportunity.

Moreover, if you have a sub-optimal credit rating or do not have a consistent income source, it may be tougher for you to obtain bank financing, with the more stringent loan requirements banks have put in place lately. So will a lack of financing keep you from following your aspirations? By no means, especially while Central hard money loans can help you realize great things in the real estate world.

If you get a hard money home loan in Central, you're going to get what's perhaps most vital to real estate purchases across the country — a very fast closing of approximately 14 days. Plus, the LTV value can reach up to 70% of the property's valuation, as estimated by a credentialed appraiser. With rates starting out around 10%, hard money real estate loans may seem, initially, to be more pricey as compared with conventional bank lending products. But in reality, the rate of interest is not as relevant for these loans, because they are not long-term financing. As it pertains to short-term loans of several years or less, you should consider them much like you would other expenses for your project. Once you've turned the property or home and have made a successful profit, you can get back this expense from the property — much like recovering the money spent on the brand-new appliances for the kitchen that you put in.

Furthermore, even someone with low credit can easily be eligible for a hard money mortgage. Central hard money lenders don't authorize a loan exclusively on the basis of the applicant's credit score — rather they will look at the property, its location and value, and the property's ability to pay back the financing on its own. Several other factors that affect a person's eligibility for a hard money real estate loan include the amount he can put into a down payment, his prior experience being a real estate investor, and price range of comparable, recently sold residences in the area.

So in case you have stumbled on a wonderful home to flip with a significant potential for returns, you've also found yourself a hard money lender in Central who is ready to provide funding for your rehab project. Complete the form on this page or call us and let's talk about your property.

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