Hard Money Loans in Clay
An incredible deal on a fix and flip opportunity located in a nice subdivision all of a sudden shows up — sounds too good to be true. Everybody knows that capable professional flippers, along the lines of Tarek and Christina El Moussa who star in HGTV's reality home flipping program, Fix or Flop, are able to make a typical profit of $40,000 to $50,000 in their rehab business. It's fair to say their rehabbing experience, knowledge of hard money loans, expertise in their market, and auction talents have played a significant part in their successes. Having said that, you have recently been brushing up your rehab and remodeling knowledge, have got a general contractor ready to go and are positive that you will be able to do a great job for this property.
But how can you find the necessary capital for flipping? A traditional lending institution, say for example a bank, takes no less than 1-2 months to consent to the loan and hand over the cash. So if you're expecting a fast closing, it is important to realize that this may cost you weeks, causing you to lose out on the house.
To add to it, banks have been tightening their lending requirements as of late, which makes it tough for people to receive a traditional loan if their credit rating is not flawless or he doesn't have a consistent salaried job. So does that mean you have no option, but to give up your ambition of venturing into flipping? By no means, considering that you can always use the
A hard money home loan in
Moreover, even an individual with weak credit can easily be eligible for a hard money mortgage.
Finding a hard money lender in
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