Hard Money Loans in Dahlonega

Imagine you've run into this really great deal for a fix and flip property you found in an ideal location, and you are either a seasoned real estate investor or a newbie who hopes to try out flipping houses. Professional property flippers, much like the young married couple on Flip or Flop, HGTV's reality flipping series, are capable of earning a gain of forty to fifty grand for the majority of homes. And yes, they are helped in a major way via their professional experience, auction expertise and familiarity with hard money loans. However, you're convinced that your first class rehab and renovation talents will assist you to do a great job on the property — in addition, you already have lined up one of the most suggested building contractors in town to handle the job.

But where can you get the needed funding for home flipping? In the event you meet with a regular lending institution, much like a bank for a loan, it very likely will take, at a minimum, thirty to sixty days for the acceptance to be completed and the funds to be dispersed. So if you will be anticipating a fast closing, you have to be aware that this could set you back by weeks, causing you to lose out on the home.

To add to it, banks have been tightening up their lending criteria in recent years, making it tough for a person to receive an ordinary home loan if their credit rating is not flawless or he does not have a regular salaried occupation. So does that mean you are without an option, but to abandon your ambition of venturing into the fix and flip business? Most certainly not, given that you always have the Dahlonega hard money loan alternative.

A hard money home loan in Dahlonega boasts what is possibly most important to real estate investors — a very fast closing in as few as 2 weeks. Aside from that, loans can be done for up to 70% loan-to-value of the "as is" home value, as determined by a qualified appraiser. With lending rates starting off around 10%, hard money real estate loans may look, at first, to be more pricey when compared with traditional bank loans. But the lengths of these loans tend to be relatively shorter, which means the rate is less important. Short-term loans of a couple of months to a handful of years are best approached in terms of cost of capital, similar to any other expense involved with a project. When you have sold the property or home and have made a positive profit, you can reclaim this expense from the property or home — very much like recuperating the money necessary for the brand-new appliances for the kitchen that you have installed.

Additionally, it is simple to be eligible for a a hard money mortgage, regardless of whether your credit score is not that impressive. The customer's credit score is not the sole determining factor for Dahlonega hard money lenders — additionally, they look at the home, how much it is worth, its location, and its capability to bring back their financial commitment if everything does not work out as planned. How much of their own money a borrower can put down beforehand towards the house, how much experience he has in real estate investments, and price range of equivalent homes in the same vicinity are additional details that go into determining an applicant's suitability for a hard money real estate loan.

Finding a hard money lender in Dahlonega to fund your real estate project is not very challenging, assuming that the opportunity that lies ahead of you is promising and boasts a strong potential for returns. Complete the form on this page or get in touch with us via phone and let's discuss the project you have in mind.

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Investment property loans only please, no primary residences at this time.