Hard Money Loans in Corinth

Suppose you've encountered this really great bargain on a fix and flip property in a terrific neighborhood, and you're either a skilled real estate investor or a newbie who wants to try his hand at flipping. You've heard that professional house flippers, much like the married couple on HGTV's Flip or Flop, enjoy a remarkable average return near $40,000 – $50,000. It goes without saying their past experiences rehabbing, understanding of hard money loans, expertise in their housing market, and auction skills have played a significant role in their results. Still, your rehab and remodeling skills aren't that bad either — besides, you've already found a good building contractor to start the job.

But how exactly can real estate investors get financing? A conventional lender, for instance a bank, takes at a minimum one to two months to consent to the loan and hand over the funds. Since the majority of sellers would prefer a fast closing, you might need to begin seeking out other funding options.

To add to it, banks have been tightening their lending standards as of late, which makes it hard for people to get a regular home loan if their credit circumstances are not flawless or he does not possess a regular salaried profession. So should you give up and forego your aspiration to venture into real estate? Definitely not, given that you also have the Corinth hard money loan alternative.

When you get a hard money home loan in Corinth, you'll get what is possibly most essential to real estate negotiations throughout the country — a fast closing of about 14 days. Besides that, hard money lenders can approve lending up to 70% LTV of the property or home's valuation, as identified by a credentialed third-party evaluation. On the surface, hard money real estate loans, with starting lending rates of 10%, seem to be costlier than bank loans. But if you appreciate that these loans are not long-term loans, the rate tends to be misleading. The price tag on such short-term loans should be looked at on par with any other expenditure that you will encounter in the course of the project. Right after you fix up and sell off the house, recuperating this expense is just like recovering the expense for stainless steel appliances you placed into the property.

Moreover, even individuals with bad credit can easily qualify for a hard money mortgage. Corinth hard money lenders don't approve a loan solely on the basis of the customer's credit score — instead they additionally look at the home, its location and value, and the property's ability to pay back the loan without the help of the person. On top of this, if the borrower have proven experience in comparable real estate ventures, can place down money towards the down payment, and the cost of similar homes in the neighborhood works in his favor, he has a really good chance of qualifying to obtain a hard money real estate loan.

Locating a hard money lender in Corinth to finance your flipping business is not very hard, provided that the opportunity before you is promising and offers the right potential for returns. Enter your info into the contact form or call us to talk about the property you have in mind.

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