Hard Money Loans in Corry
Suppose that you've encountered this excellent bargain on a fix and flip property located in an ideal neighborhood, and you are either a seasoned real estate investor or a first-timer who is looking to try out flipping homes. You've heard that veteran house flippers, like the married couple on HGTV's Flip or Flop, enjoy a remarkable average profit close to forty to fifty thousand dollars. And without a doubt, they are aided in a big way as a result of their professional experience, auction skills and knowledge of hard money loans. On the other hand, you're assured that your first class rehab and renovation talents will assist you to do a great job on the home — in addition, you already have arranged to have one of the finest building contractors in town to take care of this project.
But how exactly can real estate investors obtain financing? A typical lending institution, like for example a bank, takes at least one to two months to consent to the financing and release the cash. Since most home owners favor a fast closing, you may want to begin seeking out some other financing options.
What's more, should you have an unfavorable credit score or don't receive a routine income, it can be more challenging for you to obtain a bank loan, seeing the tougher loan criteria banks have introduced lately. So will a shortage of funds keep you from following your ambitions? Never, due to the fact you can always use the Corry hard money loan approach to finance your home renovating project.
A hard money home loan in Corry offers you what's considered essential to many real estate transactions — a very fast closing of only a 2-3 weeks and at many times even less. Furthermore, hard money lenders can do loans up to 70% LTV of the property's valuation, as determined by a certified third-party evaluation. On the surface, hard money real estate loans, with starting interest rates of 10%, seem to be more costly than bank financing. But in reality, the interest rate isn't as relevant for these loans, since they aren't long-term financing. The price tag on such short-term loans should be looked at on par with any other expense that you might encounter in the course of the project. And once you've finally flipped the home, recovering this expense is identical to recovering the expense for all the kitchen and bath upgrades you did.
Besides, hard money mortgages are not difficult to qualify for, even when you have a bad credit rating. Corry hard money lenders don't approve a loan solely judging by the person's credit score — rather they also look at the home, its valuation and location, and the home's capability to pay back the loan on its own. The total amount that an individual can put upfront towards the property or home, how much experience he has in real estate investments, and price range of equivalent homes in the same neighborhood are various other details that go into ascertaining an individual's suitability for a hard money real estate loan.
So if you have stumbled upon an excellent home to flip with a high potential for returns, you have also discovered a hard money lender in Corry who's prepared to fund your fix and flip projects. Enter your info into the contact form or give us a call to discuss your property or properties.
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