Hard Money Loans in Countryside
You discovered this amazing opportunity to fix and flip this wonderful outdated home in a fantastic location and it looks like the one you've been looking forward to for quite some time. You've probably heard that veteran house flippers, like the couple on HGTV's Flip or Flop, turn a remarkable average profit near forty to fifty thousand dollars. And without a doubt, they are aided in a big way via their professional experience, auction abilities and knowledge of hard money loans. That said, you've likewise been brushing up your rehab and renovation skills, have a licensed contractor arranged and are certain that you're capable of doing an impressive job on this house.
But financing is usually a different question altogether. Should you apply for a regular loan via a bank, you will need to wait roughly one to two months until the loan is approved and the money is readily available. Given that home owners prefer a fast closing, you might have to begin looking for additional funding alternatives.
Furthermore, should you have an unfavorable credit rating or do not receive a conventional income, it is normally more difficult for you to be eligible for a bank financing, considering the stricter loan requirements banks have issued as of late. So do you have to stop trying and forego your dream to venture off into real estate? Never, because you could always go the Countryside hard money loan route to pay for your flipping project.
A hard money home loan in Countryside provides what is possibly most desired by real estate investors — a very fast closing in as little as fourteen days. Further, financing can be done for up to 70% loan-to-value of the "as is" valuation, as calculated by a licensed appraiser. At first glance, hard money real estate loans, with starting lending rates of 10%, could be seen as higher in price than bank lending products. But when you understand these loans are not long-term loans, the rate tends to be misleading. When it comes to short-term loans of one or two years or even less, you should consider them identical to any sort of other expenditure for the project. Right after you rehab and sell off the house, recovering this expense is the same as recuperating the expense for new kitchen appliances you put in the place.
What's more, it's easy to be eligible for a hard money mortgage, regardless of whether your credit situation is not that superb. Countryside hard money lenders do not take on a loan solely based on the customer's credit score — rather they also assess the property, its valuation and location, and the property's ability to pay back the financing on its own. Other variables that affect a customer's eligibility for a hard money real estate loan include the amount he is able to put towards a down payment, his past experience being a real estate investor, and price range of comparable, recently sold properties in the neighborhood.
So in case you have found a really good home to flip with a huge potential for returns, you've also discovered a hard money lender in Countryside that's prepared to fund your fix and flip venture. Fill out the contact form or call us and let's talk about your property.
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