Hard Money Loans in Chesaning

There's this amazing possibility for rehabbing and flipping this nice old home in a fantastic part of town and it seems a lot like the deal you've been eagerly waiting on for quite some time. You've probably heard that competent home flippers, similar to the husband and wife on HGTV's Flip or Flop, turn an impressive average profit margin near $40,000 – $50,000. It's fair to say their rehabbing experience, understanding of hard money loans, expertise in their market, and auction skills have played a big part in their results. Nonetheless, your rehab and renovation knowledge isn't that bad either — besides, you've already located the right contractor to start the job.

But where can you obtain the needed funding for flipping? If you apply for a conventional loan from the bank, you will need to wait roughly 4-8 weeks until the money is authorized and your funds are readily available. So if you happen to be hoping for a fast closing, you must understand or know that this could set you back by a couple weeks, making you miss out on the opportunity.

On top of this, banks have been tightening their lending standards as of late, making it difficult for people to obtain a conventional loan if their credit circumstances are not perfect or he does not possess a regular salaried job. So must you admit defeat and forego your ambition to venture into the real estate market? By no means, on the grounds that you could always use the Chesaning hard money loan approach to fund your flipping project.

A hard money home loan in Chesaning provides what is possibly most desired by real estate investors — a fast closing time period of as little as 2 weeks. Further, loans can be done for up to 70% loan-to-value of the "as is" house value, as established by a licensed appraiser. At first, hard money real estate loans, with starting lending rates of 10%, could be seen as more expensive than bank lending options. But usually, the rate of interest is not as relevant for these loans, simply because they are not long-term loans. The cost of such short-term loans should be considered much like every other expense that you would need to meet pertaining to the project. And as soon as you've flipped the property or home, recouping this expense is comparable to recuperating the expense for all the kitchen and bath upgrades you did.

Furthermore, even a person with low credit can easily qualify for a hard money mortgage. The applicant's credit score will not be the single determining factor for Chesaning hard money lenders — they also consider the property, what is it valued at, where it is located, and its capability to bring back their investment if things do not work out as planned. How much an applicant can put down beforehand for the house, how much practical experience he has in real estate investments, and selling price of comparable properties in the vicinity are various other factors that go into analyzing a borrower's eligibility for a hard money real estate loan.

So if you have stumbled on a really great home to flip with a significant prospect of returns, you have also found yourself a hard money lender in Chesaning that is prepared to finance your rehab project. Fill out the contact form on this page or give us a call and let's talk about your project.

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