You discovered this phenomenal opportunity to renovate and flip this nice old condo in a fantastic area and it seems a lot like the deal you've been wanting for quite a while. Expert home flippers, much like the young couple on Flip or Flop, HGTV's reality flipping series, are capable of hauling in a profit of $40-$50k on the majority of projects. And without a doubt, they are aided in a big way due to their professional know-how, auction skills and knowledge of hard money loans. Having said that, you have recently been brushing up your rehab and remodeling skills, have a contractor ready to go and are confident that you can do an impressive job on this house.

But capital is usually a separate question altogether. A conventional lending institution, for instance a bank, takes at the very least 1 to 2 months to approve the loan and release the funds. With all the home owners wanting a fast closing, that doesn't appear like a wise idea to you in the slightest.

Furthermore, for those who have a less-than-perfect credit rating or do not receive a consistent income, it is normally tougher to qualify for bank financing, seeing the tighter loan criteria banks have put in place as of late. So does this mean you are without an option, but to abandon your ambition of venturing into home flipping? Most certainly not, given that you always have the Cockrell Hill hard money loan alternative.

If you opt for a hard money home loan in Cockrell Hill, you will get what's possibly most essential to real estate offers across the country — a fast closing of approximately two weeks. Further, loans can be done for up to 70% loan-to-value of the as-is valuation, as deemed by a qualified appraiser. On the surface, hard money real estate loans, with starting interest rates of 10%, could be seen as more expensive than bank lending options. But the lengths of these loans tend to be relatively shorter, making the interest rate less important. The price of such short-term loans should be looked at on par with every other expenditure that you would encounter during the project. Once you have turned the house and have made a successful financial gain, you can reclaim this expense from the home — just like recovering the money necessary for the brand-new appliances for the kitchen that you've installed.

Also, it is easy to obtain a hard money mortgage, even if your credit rating is not that impressive. Cockrell Hill hard money lenders do not take on a loan solely according to the customer's credit score — rather they additionally examine the property or home, where it is located and how much it is worth, and the home's capacity to pay back the financing without the help of the borrower. On top of that, if the borrower have proven experience in similar real estate projects, can place down money for a down payment, and the price of equivalent properties in the vicinity works in his favor, he will have a really good likelihood of being eligible for a hard money real estate loan.

Finding a hard money lender in Cockrell Hill to cover expenses for your real estate project is not difficult, provided that the opportunity in front of you is promising and possesses a strong prospect for returns. Enter your info into the form on this page or call us and let's talk about your property or properties.