Hard Money Loans in Chattahoochee Hills
A fantastic deal on a fix and flip property located in a very good neighborhood shows up out of the blue — seems too good to be true. Expert property flippers, much like the young married couple on Flip or Flop, HGTV's reality flipping show, are capable of generating a gain of $40-$50k for the majority of homes. And without a doubt, they are aided in a major way by their professional knowledge, auction skills and familiarity with hard money loans. On the other hand, you're convinced that your superb rehab and renovation talents will enable you to do a superb job on this home — what's more, you already have lined up one of the premier contractors in town to take care of this project.
But capital is a different issue altogether. A conventional lender, like for example a bank, takes a minimum of one to two months to authorize the mortgage and provide the funds. Thus if you happen to be wishing for a fast closing, you need to recognize that this may cost you a couple weeks, making you miss out on the house.
On top of this, banks have been tightening up their lending requirements in recent times, making it tough for people to get a typical loan if their credit situation is not flawless or he is lacking a regular salaried job. So must you stop trying and forego your dream to embark into fix and flips? Never, because you could always use the Chattahoochee Hills hard money loan approach to pay for your rehab project.
A hard money home loan in Chattahoochee Hills can provide what's viewed as vital to most real estate transactions — a fast closing of just a 2-3 weeks and oftentimes less. Aside from that, loans can be made up to 70% loan-to-value of the as-is house value, as deemed by a licensed appraiser. At first glance, hard money real estate loans, with starting interest rates of 10%, seem to be more pricey than bank loans. But when you understand these loans are not long-term mortgage loans, the rate of interest may be misleading. As it pertains to short-term loans of 1 or 2 years or even less, you should look at them identical to any other expenditure for the project. And once you have turned the house, recuperating this expense is comparable to recovering the expense for the kitchen and bath updates you performed.
In addition, even a person with weak credit can easily be eligible for a hard money mortgage. The person's credit score isn't the single determining factor for Chattahoochee Hills hard money lenders — in addition, they examine the piece of real estate, its market valuation, its location, and its capability to bring back their financial commitment if things should not go as intended. Adding to that, if the applicant can demonstrate past experience in comparable real estate ventures, can place down cash for the down payment, and the value of similar homes in the neighborhood works in his favor, he has a good chance of being eligible to obtain a hard money real estate loan.
Searching for a hard money lender in Chattahoochee Hills to fund your fix and flip endeavor is not very challenging, so long as the opportunity that lies ahead of you is promising and boasts a strong prospect for returns. Enter your info into the contact form or get in touch with us via phone and let's discuss the project you have in mind.
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