Hard Money Loans in Coral Springs
An incredible deal on a fix and flip opportunity in an excellent neighborhood all of a sudden shows up — sounds too good to be true. You've heard that competent house flippers, such as the married couple on HGTV's Flip or Flop, have an impressive average return near $40,000 – $50,000. It goes without saying their past experiences rehabbing, understanding of hard money loans, expertise in their market, and auction talents have been major factors to their successes. That said, you've also been brushing up your rehab and renovation knowledge, have got a licensed contractor ready to go and are certain that you're capable of doing a bang up job on this property.
But where can you find the needed financing for flipping? A conventional lending institution, say for example a bank, takes at least 1-2 months to approve the mortgage and provide the capital. Considering that all the sellers are wanting to find a fast closing, that doesn't appear like a good idea to you at all.
To add to it, banks have been tightening their lending criteria in recent years, rendering it more tough for a person to obtain a typical loan if their credit circumstances are not flawless or he doesn't have a regular salaried job. So does that leave you with no option, but to drop your dream to venture into flipping? Absolutely not, because you always have the Coral Springs hard money loan alternative.
A hard money home loan in Coral Springs, Florida provides you with what's perhaps most crucial to real estate investors — a fast closing in as few as fourteen days. In addition, the LTV value can reach up to 70% of the property's valuation, as evaluated by a certified appraiser. With the loan rates starting out at about 10%, hard money real estate loans might appear, at first glance, to be higher in price in comparison with conventional bank loans. But when you consider these loans are not long-term home loans, the rate can be misleading. Short-term loans of a couple of months to a few years are best understood in terms of cost of capital, much like every other expense associated with a project. And as soon as you've turned the house, recouping this expense is identical to recovering the expense for all the kitchen and bath upgrades you did.
Also, it's simple to obtain a hard money mortgage, even if your credit rating is not that impressive. The customer's credit score is not the single determining factor for Coral Springs hard money lenders — they also examine the home, what is it valued at, where it is located, and its potential to bring back their investment if everything does not go as intended. Adding to this, if the person can demonstrate past experience in equivalent real estate projects, can place down cash towards the down payment, and the value of equivalent houses in the vicinity works to his benefit, he stands a good likelihood of qualifying for a hard money real estate loan.
So if you have found a really great home to flip with a huge probability of returns, you've also found yourself a hard money lender in Coral Springs, Florida who is ready to fund your rehab ventures. Fill out the form or give us a call and let's discuss the property or properties you have in mind.
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