Hard Money Loans in Connellsville

An incredible deal on a fix and flip property in a nice subdivision all of a sudden shows up — seems so good that it is hard to believe. You may have heard that competent property flippers, much like the husband and wife on HGTV's Flip or Flop, have a remarkable average return of around forty to fifty thousand dollars. It's fair to say their past experiences rehabbing, understanding of hard money loans, expertise in their housing market, and auction talents have had an important part in their results. Still, your rehab and renovation knowledge isn't bad either — aside from that, you have already identified an ideal general contractor to take on this home.

But money is a separate issue altogether. Should you meet with a regular lender, much like a bank for a mortgage loan, it's more than likely going to take at least 4-8 weeks for the acceptance to come through and your money to be dispersed. Since the majority of home owners prefer a fast closing, it may be best to begin searching for other financing options.

On top of this, banks have been tightening their lending standards as of late, rendering it more challenging for someone to get an ordinary home loan if their credit circumstances are not flawless or he is lacking a consistent salaried profession. So should you give up and abandon your dream to embark into the real estate market? Certainly not, given that you always have the Connellsville hard money loan alternative.

A hard money home loan in Connellsville gives you what is probably most crucial to real estate investors — a very fast closing time period of as few as 14 days. Additionally, loan amounts are made up to 70% loan-to-value of the as-is property value, as calculated by a licensed appraiser. Some people believe hard money real estate loans to be more pricey than customary financing, considering interest rates for such loans often start off at 10%. But usually, the interest rate isn't as pertinent for these loans, simply because they will never be long-term loans. Short-term loans of several months to a few years are best understood as cost of capital, similar to every other expense related to a project. Right after you renovate and resell the house, recouping this expense is just like recovering the money you spent for new kitchen appliances you installed in the place.

Moreover, even an individual with weak credit will be able to be eligible for a hard money mortgage. Connellsville hard money lenders don't authorize a loan exclusively on the basis of the person's credit score — instead they also look at the property or home, its location and value, and the home's capacity to pay back the loan on its own. Additional factors that affect an individual's eligibility for a hard money real estate loan can include how much he can put into a down payment, his past experience being a real estate investor, and selling price of comparable, fairly recently sold properties nearby.

So in the event you run into an outstanding and profitable investment opportunity, rest assured you will have a hard money lender in Connellsville, prepared to loan you the money you may need. Complete the contact form on this page or get in touch with us via phone and let's talk about the property you have in mind.

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