Hard Money Loans in Clarksville
An outstanding buy on a fix and flip opportunity located in a very good neighborhood shows up out of the blue — seems so good that it is hard to believe. Many people know that expert professional flippers, such as Tarek and Christina El Moussa who do HGTV's reality flipping series, Fix or Flop, are able to make an average profit margin of forty to fifty thousand dollars on their home projects. And without a doubt, they are helped in a big way as a result of their professional know-how, auction abilities and familiarity with hard money loans. That said, you have recently been brushing up your rehab and renovation skills, have a building contractor ready to go and are confident that you're capable of doing a stellar job on this property.
But where can you obtain the necessary funding for flipping? For those who get in touch with a standard lending institution, much like a bank for a loan, it's likely going to take at least four to eight weeks for the acceptance to come through and the funds to be distributed. So if you will be hoping for a fast closing, you need to recognize that this could set you back by a few weeks, causing you to miss out on the sale.
To add to it, banks have been tightening their lending requirements in recent years, rendering it more difficult for people to obtain a regular home loan if their credit circumstances are not perfect or he doesn't have a regular salaried job. So must you give up and forego your aspiration to embark into real estate? Not at all, especially when Clarksville hard money loans enable you to realize many amazing things in the real estate market.
A hard money home loan in Clarksville gives you what's considered vital to many real estate sales — a very fast closing of just a few weeks and at many times even less. Aside from that, financing can be made up to 70% loan-to-value of the "as is" value, as deemed by a professional appraiser. At first glance, hard money real estate loans, with starting lending rates of 10%, appear to be more expensive than bank loans. But the time frames of these loans are much shorter, which makes the rate less significant. The price of such short-term loans ought to be viewed on par with any other expenditure that you will encounter in the course of the project. And when you have finally turned the house, recovering this expense is identical to recovering the expense for the bathroom improvements you performed.
Besides, hard money mortgages are not hard to qualify for, whether or not you have got a bad credit score. Clarksville hard money lenders do not approve a loan solely based on the applicant's credit score — rather they additionally analyze the property or home, its location and value, and the home's capacity to pay back the loan by itself. On top of this, if the applicant have proven experience in comparable real estate endeavors, can put down money towards a down payment, and the price of equivalent homes in the neighborhood works to his benefit, he has got a very good likelihood of being approved to obtain a hard money real estate loan.
So in the event you come across a very good and profitable investment opportunity, feel comfortable knowing you'll have a hard money lender in Clarksville, equipped to loan you the funds you need. Complete the contact form or call us to talk about your property or properties.
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