An outstanding bargain on a fix and flip property in a good area of the city all of a sudden shows up — sounds too good to be true. Expert house flippers, such as the young married couple on Flip or Flop, HGTV's reality flipping program, are capable of hauling in a profit of forty to fifty grand for the majority of homes. And indeed, they are aided in a major way due to their professional knowledge, auction abilities and understanding of hard money loans. On the other hand, you are certain that your first class rehab and renovation abilities will assist you to do a superb job on this house — in addition, you already have arranged to have one of the finest contractors in the business to work on the project.

But where do you obtain the necessary funding for home flipping? A typical lending institution, say for example a bank, takes at least 1 to 2 months to authorize the loan and deliver the cash. Since most home owners favor a fast closing, it may be best to begin searching for some other financing options.

On top of this, banks have already been tightening their lending standards in recent times, making it tough for people to get a regular home loan if their credit situation is not perfect or he does not possess a regular salaried profession. So does that leave you with no other option, but to give up your dream of getting into rehabbing? Most certainly not, given that you always have the Clifton Springs hard money loan option.

A hard money home loan in Clifton Springs promises what is probably most crucial to real estate investors — a very fast closing in as few as a few weeks. What's more, the LTV value can go up to 70% of the property value, as estimated by a certified appraiser. With the loan rates starting at about 10%, hard money real estate loans may look, at first glance, to be more pricey when compared with traditional bank financing. But the time frames of these loans are quite short, making the interest rate much less important. The cost of such short-term loans ought to be considered on par with every other financial outlay that you will encounter during the project. And as soon as you've turned the property, recovering this expense is comparable to recuperating the expense for all the bathroom upgrades you did.

Additionally, it's simple to be eligible for a hard money mortgage, even if your credit situation is not that impressive. The applicant's credit score is not the sole deciding factor for Clifton Springs hard money lenders — in addition, they consider the piece of real estate, how much it is worth, its location, and its potential to bring back their investment if everything does not go as planned. The amount that an applicant can put upfront towards the house, his real estate experience, and price range of equivalent homes in the same neighborhood are additional factors that go into establishing an applicant's suitability for a hard money real estate loan.

If you happen to have stumbled on an excellent home to flip with a significant potential for returns, you've also found yourself a hard money lender in Clifton Springs who's willing to fund your rehab venture. Complete the contact form on this page or get in touch with us via phone and let's talk about the property you have in mind.