Hard Money Loans in Cresskill
There's this amazing opportunity to rehab and flip this nice old condo in a very good location and it seems like the deal you have been expecting for quite a while. Many people know that knowledgeable professional flippers, such as Tarek and Christina El Moussa who star in HGTV's reality flipping program, Fix or Flop, can make an average profit of forty to fifty thousand dollars when they flip properties. It goes without saying their rehabbing experience, understanding of hard money loans, familiarity with the housing market, and auction talents have played an important part in their success. However, you are assured that your superb rehab and renovation knowledge will enable you to do an outstanding job on the project — furthermore, you already have arranged to have one of the most suggested contractors in the area to take care of the job.
But capital is often a different issue entirely. A typical lender, like for example a bank, takes at least 1-2 months to approve the financing and deliver the funds. So if you are looking for a fast closing, you must understand or know that this could set you back by a couple of weeks, making you miss out on the house.
On top of this, banks have been tightening up their lending criteria in recent years, which makes it challenging for a person to receive a traditional loan if their credit circumstances are not flawless or he does not have a consistent salaried occupation. So does that leave you with no other option, but to abandon your dream of venturing into home renovating? Absolutely not, given that you always have the Cresskill, New Jersey hard money loan alternative.
A hard money home loan in Cresskill gives you what is perhaps most sought after by real estate investors — a quick closing time of as little as fourteen days. Also, hard money lenders frequently agree to lending up to 70% LTV of the home value, as established by a credentialed third-party evaluator. On the surface, hard money real estate loans, with starting lending rates of 10%, seem to be costlier than bank financing. But in reality, the rate of interest is not as useful a measure for these loans, since they aren't long-term financing. As it pertains to short-term loans of a few years or even less, you should look at them identical to every other expenditure for your project. And when you have turned the home, recuperating this expense is identical to recuperating the expense for the bathroom or other improvements you did.
Aside from that, hard money mortgages are easy qualifying, whether or not you posses a weak credit score. As an alternative for focusing entirely on the borrower's credit score or source of income, Cresskill hard money lenders, who can be a privately owned company or an individual, authorize a loan as a result of evaluating the home value, how easy it will be to market, its location, and the possibility of getting back their capital should they have to foreclose the loan. How much a person can put upfront for the property or home, his real estate experience, and selling price of comparative homes in the neighborhood are other details that go into determining a borrower's eligibility for a hard money real estate loan.
So in case you have found a wonderful real estate opportunity with a significant chance of returns, you have also found yourself a hard money lender in Cresskill who's happy to provide funding for your rehab project. Fill out the contact form on this page or give us a call and let's talk about your property.
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