Hard Money Loans in Cochran

You discovered this outstanding opportunity to rehab and flip this nice outdated home in a good area and it looks like the one you have been wanting for quite a while. You've probably heard that competent house flippers, similar to the married couple on HGTV's Flip or Flop, enjoy an impressive average profit near $40,000 – $50,000. And sure, they are aided in a big way as a result of their professional know-how, auction expertise and understanding of hard money loans. Still, your rehab and remodeling skills aren't that bad either — aside from that, you have already located the right contractor to handle this job.

But money can be a different issue entirely. When you get in touch with a common lender, like a bank for funding, it's very likely going to take a minimum of four to eight weeks for the acceptance to be completed and the money to be given out. Since the majority of sellers would rather have a fast closing, you may have to start searching for additional financing alternatives.

On top of this, banks have been tightening up their lending standards in recent years, rendering it more challenging for people to obtain an ordinary loan if their credit situation is not perfect or he doesn't have a consistent salaried occupation. So does that leave you with no option, but to drop your aspiration to venture into the fix and flip business? Certainly not, seeing as you always have the Cochran hard money loan alternative.

A hard money home loan in Cochran provides what's probably most crucial to real estate investors — a fast closing time period of as few as 14 days. Besides that, hard money lenders are capable of doing lending up to 70% LTV of the property or home value, as assessed by a licensed third-party evaluator. At first, hard money real estate loans, with starting lending rates of 10%, seem to be higher priced than bank loans. But if you consider these are not long-term mortgage loans, the rate tends to be misleading. The cost of such short-term loans ought to be evaluated on par with every other financial outlay that you would have to meet pertaining to the project. And when you've turned the property or home, recuperating this expense is the exact same as recuperating the expense for all the kitchen and bath updates you performed.

Besides, hard money mortgages are easy qualifying, whether or not you have less-than-perfect credit. Cochran hard money lenders do not authorize a loan strictly on the basis of the borrower's credit score — instead they will assess the property or home, its value and location, and the property's capability to pay back the loan without the help of the applicant. On top of that, if the person can demonstrate past experience in comparable real estate endeavors, can put down money towards the down payment, and the price of comparable properties in the area works in his favor, he will have an excellent shot of being eligible for a hard money real estate loan.

So should you come across an outstanding and lucrative investment opportunity, be assured you'll have a hard money lender in Cochran, willing to lend you the money you will need. Complete the form or get in touch with us via phone to talk about the property or properties you have in mind.

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Investment property loans only please, no primary residences at this time.