Hard Money Loans in Coffeyville
A remarkable bargain on a fix and flip opportunity in a nice neighborhood all of a sudden shows up — sounds too good to be true. Most folks know that knowledgeable professional flippers, like Tarek and Christina El Moussa who star in HGTV's reality flipping series, Fix or Flop, can generate an average profit of $40,000 to $50,000 on their home projects. And sure, they are helped in a major way due to their professional knowledge, auction abilities and knowledge of hard money loans. Having said that, you have likewise been brushing up your rehab and renovation skills, have got a contractor lined up and are positive that you will be able to do a stellar job for this home.
But financing is usually a different problem entirely. A typical lending institution, for instance a bank, takes no less than 1 to 2 months to approve the mortgage and hand over the monies. Due to the fact all the sellers are wanting to find a fast closing, that does not appear like a good option to you whatsoever.
On top of this, banks have already been tightening up their lending standards as of late, making it difficult for someone to get a typical loan if their credit circumstances are not perfect or he is lacking a regular salaried occupation. So will inadequate financing keep you from sticking with your ambitions? Certainly not, given that you also have the Coffeyville hard money loan option.
A hard money home loan in Coffeyville provides what's considered crucial to many real estate transactions — a very fast closing of just a few weeks and at many times less. Furthermore, hard money lenders can do loans up to 70% LTV of the property value, as established by a qualified third-party appraiser. With rates starting out around 10%, hard money real estate loans might appear, at first glance, to be more pricey as compared with traditional bank financing. But in reality, the lending rate isn't as relevant for these loans, because they are not long-term loans. The price of such short-term loans should be evaluated on par with any other financial outlay that you would encounter in the course of the project. After you rehab and unload the property, recouping this expense is no different than recuperating the cost of the new kitchen appliances you placed into the place.
Moreover, even an individual with poor credit can easily qualify for a hard money mortgage. The person's credit score is not the exclusive determining factor for Coffeyville hard money lenders — in addition, they look at the house, its market value, where it is located, and its capacity to earn back their financial commitment if everything does not go as planned. How much of their own money an applicant can put down in advance for the home, how much practical experience he has in real estate investments, and selling price of comparable properties in the vicinity are other details that go into analyzing an individual's suitability for a hard money real estate loan.
So any time you come across a really good and profitable investment opportunity, relax knowing you will have a hard money lender in Coffeyville, prepared to loan you the cash you need. Complete the form on this page or give us a call and let's talk about the property or properties you have in mind.
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