There is this phenomenal opportunity to rehab and flip this nice out of date condo in a fantastic location and it looks a lot like the deal you've been eagerly waiting on for quite some time. Professional property flippers, much like the young couple on Flip or Flop, HGTV's reality flipping program, are able to bring in a gain of $40-$50k on a regular basis. No need to explain that their rehabbing experience, understanding of hard money loans, familiarity with the housing market, and auction skills have been major factors to their results. Nevertheless, you are convinced that your first class rehab and renovation knowledge can help you do a superb job for this home — what's more, you have already arranged to have one of the best building contractors in the business to take on the job.

But where do you get the necessary funding for flipping? In the event you get in touch with a common lending institution, like a bank for a loan, it's likely going to take no less than 30-60 days for your approval to come through and your money to be given out. Given that home owners give preference to a fast closing, you might need to begin searching for some other funding alternatives.

With banks introducing tougher loan requirements in recent times, it has become harder for a self-employed person to get a mortgage loan, especially when his credit score is not flawless. So does this mean you have no option, but to give up your aspiration of getting into home renovating? Certainly not, because you always have the Columbia hard money loan option.

If you decide to apply for a hard money home loan in Columbia, you have access to what's perhaps most vital to real estate purchases across the country — a fast closing of around two weeks. Additionally, financing can be made up to 70% loan-to-value of the "as is" property value, as established by a licensed appraiser. At first glance, hard money real estate loans, with starting lending rates of 10%, seem to be costlier than bank loans. But the term lengths for these loans tend to be much shorter, making the interest rate much less important. Short-term loans of a couple months to a few years are best approached in terms of cost of capital, much like all other expenditures related to a project. And once you've flipped the property, recovering this expense is comparable to recovering the expense for the kitchen and bath updates you performed.

Furthermore, even an individual with poor credit will be able to be eligible for a hard money mortgage. Columbia hard money lenders don't authorize a loan exclusively on the basis of the person's credit score — instead they additionally assess the property, where it is located and what it is worth, and the home's ability to pay back the loan without the assistance of the person. How much of their own money an individual can put down in advance towards the home, how much practical experience he has in real estate investing, and selling price of comparative homes in the same area are various other factors that go into analyzing a person's qualification for a hard money real estate loan.

So in case you have stumbled upon a really good fixer-upper with a high chance of returns, you've also stumbled upon a hard money lender in Columbia that's ready to provide financing for your rehab venture. Complete the contact form or give us a call and let's talk about the project you have in mind.