You discovered this outstanding opportunity to fix and flip this nice old property or home in a very good location and it looks a lot like the one you've been eagerly waiting on for a long time. Everyone knows that skilled professional flippers, along the lines of Tarek and Christina El Moussa from HGTV's reality home flipping show, Fix or Flop, can generate an average profit of $40,000 to $50,000 on their flips. And yes, they are helped in a major way via their professional experience, auction skills and understanding of hard money loans. That said, you have recently been developing your rehab and remodeling skills, have a general contractor arranged and are certain that you're capable of doing a great job for this home.

But how can you obtain the needed financing for flipping? If you meet with a common lender, like a bank for a loan, it's more than likely going to take no less than 4-8 weeks for the approval to come through and the funds to be accessible. So if you are wishing for a fast closing, you have to understand that this will set you back by weeks, making you lose out on the home.

To add to it, banks have already been tightening up their lending criteria as of late, which makes it hard for someone to receive an ordinary loan if their credit circumstances are not flawless or he does not possess a consistent salaried profession. So do you have to stop trying and forego your dream to venture into fix and flips? By no means, especially while Chillicothe hard money loans will assist you to accomplish great things in the real estate market.

If you apply for a hard money home loan in Chillicothe, you'll get what's perhaps most essential to real estate transactions across the country — a quick closing of around two weeks. Plus, the LTV value can range up to 70% of the home value, as evaluated by a certified appraiser. Some people consider hard money real estate loans to be higher in price than ordinary financing, since the lending rates of such loans typically start out at 10%. But usually, the rate of interest is not as pertinent for these loans, given that they are not long-term loans. As it pertains to short-term loans of a handful of years or less, you should consider them just like you would other expenses for your project. After you remodel and unload the house, recovering this expense is no different than recouping the expense for stainless steel appliances you put in the property.

Moreover, even someone with poor credit can still qualify for a hard money mortgage. Chillicothe hard money lenders do not authorize a loan strictly based on the person's credit score — instead they will look at the property or home, its value and location, and the property's ability to pay back the financing on its own. Other factors that impact a borrower's eligibility for a hard money real estate loan include how much he can put towards a down payment, his prior experience as a real estate investor, and selling price of similar, recently sold properties in the vicinity.

If you happen to have stumbled upon a really good real estate opportunity with a huge potential for returns, you have also discovered a hard money lender in Chillicothe who is ready to fund your fix and flip project. Fill out the contact form on this page or call us to talk about your property.