Hard Money Loans in Chamblee

A fantastic bargain on a fix and flip opportunity located in a nice subdivision all of a sudden shows up — seems so good that it is difficult to believe. Everybody knows that capable professional flippers, like Tarek and Christina El Moussa from HGTV's reality flipping series, Fix or Flop, can readily earn a typical profit margin of $40,000 to $50,000 on their home projects. And yes, they are helped in a big way as a result of their professional know-how, auction abilities and understanding of hard money loans. Nonetheless, your rehab and remodeling knowledge isn't that bad either — in any case, you've already located the right general contractor to start the job.

But how can real estate investors get financing? If you approach a common lender, much like a bank for a loan, it can take, at the very least, 30-60 days for the approval to be completed and your money to be furnished. Since the majority of sellers give preference to a fast closing, you might have to start looking for some other funding options.

Furthermore, in case you have a less-than-perfect credit rating or do not have a consistent source of income, it may be more difficult for you to qualify for a bank loan, seeing the tougher loan guidelines banks have issued as of late. So will inadequate funds prevent you from sticking with your ambitions? Most certainly not, because you also have the Chamblee hard money loan alternative.

When you opt for a hard money home loan in Chamblee, you'll get what's probably most vital to real estate transactions across the country — a quick closing of about 14 days. Also, hard money lenders are able to do loans up to 70% LTV of the property or home's valuation, as established by a credentialed third-party appraiser. Some people regard hard money real estate loans to be costlier than regular loans, since the lending rates for these loans ordinarily start out at 10%. But in reality, the lending rate isn't as pertinent for these loans, since they are not long-term financing. As it pertains to short-term loans of 1 or 2 years or even less, you should consider them similar to any sort of other expense for the project. After you remodel and sell the home, recovering this expense is no different than recovering the expense for home appliances you put in the place.

Additionally, it's simple to be eligible for a a hard money mortgage, even in the event your credit score is not that great. Chamblee hard money lenders do not take on a loan exclusively based on the borrower's credit score — rather they also examine the property or home, where it is located and how much it is worth, and the home's capability to pay back the financing on its own. Several other factors that influence a borrower's acceptance for a hard money real estate loan can include how much he is able to put into a down payment, his prior experience being a real estate investor, and price range of comparable, recently sold properties in the area.

Searching for a hard money lender in Chamblee to fund your renovation project is not hard, provided that the opportunity that lies ahead of you is promising and has the right potential for returns. Fill out the 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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Investment property loans only please, no primary residences at this time.