There's this phenomenal opportunity to rehab and flip this wonderful old property in a very good area and it looks like the one you've been anticipating for quite a while. Professional residential home flippers, such as the young married couple on Flip or Flop, HGTV's reality flipping show, are able to generate a profit of forty to fifty grand on average. Naturally, you also know that their great results are due to the fact that they're experts, are well versed in hard money loans, they understand the market really well and furthermore, they are good at working a public auction to buy their properties at a good deal. Having said that, you have likewise been cultivating your rehab and renovation knowledge, have a very good building contractor ready for the project and are positive that you can do a stellar job for this property.

But how exactly do real estate investors obtain financing? Should you go after a traditional loan via a bank, you will end up waiting around somewhere around 30-60 days until eventually the loan is approved and the funds are accessible. With all the home owners looking for a fast closing, that doesn't appear like a good option to you whatsoever.

On top of this, banks have already been tightening up their lending standards in recent times, rendering it more tough for a person to get a conventional home loan if their credit situation is not flawless or he does not possess a regular salaried profession. So does that leave you with no other option, but to abandon your dream of getting into home flipping? Certainly not, because you always have the Cherry Valley hard money loan option.

A hard money home loan in Cherry Valley promises what is perhaps most desired by real estate investors — a quick closing time period of as little as 2 weeks. And additionally, financing can be done for up to 70% loan-to-value of the "as is" home value, as determined by a licensed appraiser. At first glance, hard money real estate loans, with starting interest rates of 10%, appear to be higher priced than bank loans. But in reality, the lending rate isn't as useful a measure for these loans, because they are not long-term loans. When it comes to short-term loans of a handful of years or even less, you should consider them identical to any kind of other expenditure for your project. And when you've finally sold the property or home, recuperating this expense is comparable to recouping the expense for all the bathroom updates you performed.

Apart from this, hard money mortgages are easy qualifying, regardless if you have less-than-perfect credit. Cherry Valley hard money lenders don't authorize a loan strictly judging by the applicant's credit score — instead they additionally look at the property or home, where it is located and what it is worth, and the property's capacity to pay back the financing without the help of the borrower. The amount that a person can put upfront towards the home, his real estate experience, and price range of equivalent properties in the neighborhood are other factors that go into ascertaining an applicant's qualification for a hard money real estate loan.

So any time you run into an outstanding and lucrative flipping opportunity, be assured you'll have a hard money lender in Cherry Valley, equipped to lend you the cash you need. Enter your info into the form on this page or call us to talk about the project you have in mind.