Hard Money Loans in Cortland
There's this amazing opportunity to renovate and flip this wonderful old property or home in a very good location and it looks like the deal you've been looking forward to for quite a while. Everyone knows that expert professional flippers, such as Tarek and Christina El Moussa who star in HGTV's reality home flipping program, Fix or Flop, can earn an average profit of $40,000 to $50,000 on their home projects. Of course, you also understand that their results can be credited to the simple fact that they are industry experts, are well versed in hard money loans, they know market trends quite well and in addition, they are good at working an auction for getting an appropriate deal. Still, your rehab and renovation knowledge isn't bad either — in any case, you've already located the right general contractor to tackle this job.
But capital is often a separate problem entirely. A standard lender, for instance a bank, takes a minimum of 1-2 months to approve the loan and deliver the money. Considering that all the sellers are seeking a fast closing, that doesn't appear like a good option to you whatsoever.
To add to it, banks have already been tightening up their lending requirements in recent times, rendering it more difficult for people to receive a traditional loan if their credit situation is not perfect or he does not possess a consistent salaried profession. So will inadequate financing stop you from pursuing your dream? Certainly not, due to the fact you could always use the Cortland hard money loan approach to fund your rehab project.
A hard money home loan in Cortland can provide what's considered essential to many real estate sales — a quick closing of only a 2-3 weeks and sometimes even less. What's more, the LTV value can go up to 70% of the home's valuation, as evaluated by a credentialed appraiser. At first glance, hard money real estate loans, with starting lending rates of 10%, appear to be more pricey than bank loans. But when you appreciate that these are not long-term mortgage loans, the rate may be misleading. The price of such short-term loans should be viewed much like any other cost that you would need to meet pertaining to the project. And when you've finally turned the house, recuperating this expense is the exact same as recuperating the expense for the kitchen and bath updates you did.
Aside from that, hard money mortgages are easy qualifying, regardless if you have bad credit. As an alternative for focusing entirely on the borrower's credit score or net income, Cortland hard money lenders, who may be a private company or an individual person, approve a loan after examining the home value, its marketability, its location, and the likelihood of recuperating their money in case they have to foreclose the loan. Adding to that, if the person can demonstrate past experience in equivalent real estate ventures, can put down money towards the down payment, and the value of comparative properties in the neighborhood works in his favor, he will have a really good likelihood of being eligible to obtain a hard money real estate loan.
So in the event you come across an outstanding and profitable flipping opportunity, be assured you'll have a hard money lender in Cortland, ready to lend you the money you may need. Complete the form on this page or get in touch with us via phone and let's talk about the project you have in mind.
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