There is this amazing possibility for renovating and flipping this nice outdated home in a good location and it looks a lot like the one you've been wanting for quite a while. You may have heard that veteran house flippers, similar to the husband and wife on HGTV's Flip or Flop, have an impressive average profit near $40,000 – $50,000. Without question, their past experiences rehabbing, understanding of hard money loans, expertise in their housing market, and auction skills have had a significant role in their successes. Still, your rehab and remodeling skills aren't bad either — besides, you've already found the right general contractor to handle this home.

But funding is a separate issue altogether. A typical lending institution, like for example a bank, takes at least one to two months to authorize the financing and release the capital. Because most sellers give preference to a fast closing, you might want to start searching for some other funding alternatives.

To add to it, banks have already been tightening up their lending requirements as of late, rendering it more tough for someone to get a regular home loan if their credit score is not flawless or he is lacking a consistent salaried occupation. So does this mean you have no option, but to drop your ambition to venture into rehabbing? Absolutely not, seeing as you always have the Dacula hard money loan alternative.

A hard money home loan in Dacula gives you what is regarded as essential to most real estate deals — a quick closing of only a 2-3 weeks and more often than not even less. And additionally, loan amounts can be made up to 70% loan-to-value of the "as is" house value, as established by a qualified appraiser. At first, hard money real estate loans, with starting interest rates of 10%, seem to be more pricey than bank lending options. But once you consider these are not long-term home loans, the rate tends to be misleading. Short-term loans of several months to a few years are best thought of as cost of capital, the same as every other expense in connection with a project. Once you have sold the house and have made a good profit, you'll be able to get back this expense from the property — the same as recouping the money spent on the brand-new appliances for the kitchen that you put in.

Apart from this, hard money mortgages are easy qualifying, even if you have got a low credit rating. The customer's credit score is not the sole deciding factor for Dacula hard money lenders — additionally, they examine the home, its market value, where it is located, and its ability to return their financial commitment if everything does not go as planned. On top of this, if the borrower can demonstrate past experience in comparable real estate projects, can put down cash towards a down payment, and the value of similar houses in the area works in his favor, he will have a very good chance of being approved for a hard money real estate loan.

So should you come across a really good and profitable investment opportunity, be assured you will have a hard money lender in Dacula, willing to lend you the funds that you need. Submit the contact form or get in touch with us via phone and let's talk about your project.