Hard Money Loans in College Station
A fabulous bargain on a fix and flip opportunity in a very good subdivision all of a sudden shows up — seems so good that it is hard to believe. Expert house flippers, such as the young couple on Flip or Flop, HGTV's reality flipping series, are capable of hauling in a profit of forty to fifty grand on average. And without a doubt, they are aided in a major way via their professional knowledge, auction expertise and familiarity with hard money loans. Nonetheless, your rehab and remodeling skills aren't bad either — aside from that, you have already identified an ideal general contractor to handle this home.
But how can real estate investors obtain funds? When you approach a common lending institution, such as a bank for funding, it is more than likely going to take no less than 4-8 weeks for your acceptance to come through and the funds to be distributed. With the sellers seeking a fast closing, that does not appear to be a wise idea to you in the slightest.
With banks bringing in tougher loan criteria in the past several years, it's become harder for a self-employed individual to get a home loan, especially when his credit situation is not perfect. So does this mean you have no option, but to abandon your ambition of venturing into the fix and flip business? Absolutely not, because you always have the College Station hard money loan option.
A hard money home loan in College Station boasts what's perhaps most sought after by real estate investors — a quick closing time period of as little as 14 days. Plus, the LTV value can range up to 70% of the home value, as determined by a certified appraiser. Some people regard hard money real estate loans to be more costly than regular loans, considering lending rates of such loans ordinarily start off at 10%. But the term lengths for these loans tend to be rather short, making the rate far less important. The cost of such short-term loans ought to be considered on par with every other expense that you will have to meet pertaining to the project. Right after you remodel and unload the house, recovering this expense is no different than recuperating the cost of the stainless steel appliances you placed into the place.
Apart from this, hard money mortgages are easy qualifying, regardless if you posses a weak credit score. College Station hard money lenders don't approve a loan exclusively on the basis of the applicant's credit score — instead 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 independent of the person. On top of that, if the borrower have proven experience in comparable real estate ventures, can put down cash towards a down payment, and the value of comparative homes in the neighborhood works to his benefit, he will have a good chance of being approved to obtain a hard money real estate loan.
So any time you run into a very good and worthwhile investment opportunity, be assured you will have a hard money lender in College Station, prepared to loan you the money that you need. Submit the form on this page or get in touch with us via phone to discuss your property.
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