Hard Money Loans in Citronelle
Imagine you've come across this excellent bargain for a fix and flip property located in a terrific location, and you are either a seasoned real estate investor or a newbie who hopes to try out flipping homes. Most folks know that capable professional flippers, such as Tarek and Christina El Moussa who do HGTV's reality flipping show, Fix or Flop, can generate an average profit of forty to fifty thousand dollars in their rehab business. Without question, their past experiences rehabbing, understanding of hard money loans, expertise in their market, and auction skills have had a big role in their success. Having said that, you've also been cultivating your rehab and remodeling skills, have a very good building contractor ready to go and are confident that you will be able to do an impressive job for this property.
But where do you get the necessary financing for home flipping? A typical lender, say for example a bank, takes no less than 1 to 2 months to authorize the loan and deliver the monies. So if you are hoping for a fast closing, you need to recognize that this will set you back by a couple weeks, making you miss out on the home.
To add to it, banks have already been tightening their lending criteria as of late, rendering it more tough for a person to receive a typical home loan if their credit circumstances are not perfect or he does not have a consistent salaried profession. So does this leave you with no option, but to abandon your ambition of getting into rehabbing? Certainly not, because you always have the
A hard money home loan in
Additionally, it's easy to be eligible for a a hard money mortgage, even in the event your credit rating is not that great.
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