There's this amazing opportunity to renovate and flip this nice old condo in a fantastic area and it looks a lot like the one you have been looking forward to for quite some time. Expert residential home flippers, similar to the young couple on Flip or Flop, HGTV's reality flipping series, are capable of earning a gain of $40-$50k for most homes. It goes without saying their past experiences rehabbing, understanding of hard money loans, expertise in their market, and auction skills have had a significant part in their results. Nevertheless, you are convinced that your impressive rehab and renovation talents can help you do a superb job for this house — furthermore, you already have lined up one of the best general contractors in the area to work on the job.

But how do real estate investors find funding? A traditional lending institution, for instance a bank, takes at a minimum 1-2 months to authorize the mortgage and deliver the monies. Considering that all the home owners are wanting to find a fast closing, that does not appear to be a good option to you whatsoever.

With banks bringing in harder loan standards in the past several years, it has become more difficult for a self-employed person to find a home loan, particularly if his credit rating is not optimal. So does that leave you with no option, but to abandon your dream of venturing into home flipping? By no means, because you can always use the Cleveland hard money loan approach to pay for your home renovating project.

Should you obtain a hard money home loan in Cleveland, you're going to get what is perhaps most important to real estate offers across the country — a quick closing of about 14 days. Besides that, hard money lenders can do funding up to 70% LTV of the property value, as determined by a certified third-party appraiser. With loan rates starting off around 10%, hard money real estate loans may seem, at first, to be higher in price as compared with traditional bank loans. But the time frames of these loans tend to be fairly short, which means the rate is far less important. The price tag on such short-term loans ought to be looked at much like any other expenditure that you would have to meet pertaining to the project. Once you've resold the home and have made a positive gain, you'll be able to recoup this expense from the house — just like recuperating the cost of brand-new home appliances that you put in.

Besides, hard money mortgages are easy qualifying, even in the event you have got a weak credit score. Cleveland hard money lenders don't take on a loan exclusively judging by the person's credit score — rather they additionally evaluate the property or home, its value and location, and the home's capacity to pay back the financing independent of the borrower. The total amount that a person can put down beforehand for the house, how much experience he has in real estate investing, and selling price of comparative properties in the same vicinity are additional factors that go into ascertaining a person's eligibility for a hard money real estate loan.

So if you have stumbled on an excellent real estate opportunity with a huge prospect of returns, you have also discovered a hard money lender in Cleveland who is prepared to provide financing for your flipping projects. Submit the contact form or give us a call to discuss your project.