Hard Money Loans in Conyers
Suppose that you've run across this really great deal on a fix and flip property you found in a great location, and you happen to be either a seasoned real estate investor or a newbie who wants to try his hand at flipping. Expert home flippers, much like the young married couple on Flip or Flop, HGTV's reality flipping program, are able to earn a profit of forty to fifty grand on a regular basis. Naturally, you also recognize that their great results can be attributed to the simple fact that they are experts, are well versed in hard money loans, they know the market really well and they also are good at working an auction for getting a reasonable price. Having said that, you have recently been brushing up your rehab and remodeling skills, have got a building contractor ready to go and are positive that you're capable of doing a stellar job on this property.
But money is often a different issue altogether. Should you opt for a conventional loan via a bank, you will have to wait around approximately one to two months up until the time the financing is authorized and your funding is accessible. With the home owners seeking a fast closing, that does not seem like a good option to you in the slightest.
With banks establishing more challenging loan standards in the past few years, it is much harder for a self-employed person to find a home loan, particularly if his credit rating is not perfect. So will a lack of funding stop you from pursuing your aspirations? By no means, especially while Conyers hard money loans can help you accomplish many amazing things in the real estate world.
A hard money home loan in Conyers provides what's possibly most desired by real estate investors — a very fast closing time period of as few as two weeks. Furthermore, hard money lenders are able to do funding up to 70% LTV of the property or home's valuation, as estimated by a licensed third-party evaluator. At first, hard money real estate loans, with starting interest rates of 10%, appear to be higher in price than bank lending products. But in reality, the rate of interest is not as relevant for these loans, since they are not long-term loans. The price of such short-term loans ought to be evaluated much like any other expense that you would have to meet for the project. After you rehab and resell the property, recuperating this expense is just like recouping the money you spent for new kitchen appliances you placed into the property.
Furthermore, even a person with poor credit will be able to qualify for a hard money mortgage. Conyers hard money lenders don't approve a loan solely according to the applicant's credit score — rather they will analyze the home, its location and value, and the home's ability to pay back the loan without the help of the applicant. How much an applicant can put down beforehand towards the home, how much experience he has in real estate investments, and price range of comparative properties in the neighborhood are additional details that go into determining an individual's eligibility for a hard money real estate loan.
If you happen to have stumbled on a really good home to flip with a high prospect of returns, you have also stumbled upon a hard money lender in Conyers who's ready to provide financing for your rehab projects. Submit the form or call us to talk about the property or properties you have in mind.
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