Hard Money Loans in Decatur
There is this phenomenal possibility for rehabbing and flipping this wonderful out of date condo in a very good area and it seems a lot like the deal you've been expecting for quite a while. Expert home flippers, such as the young married couple on Flip or Flop, HGTV's reality flipping program, are capable of earning a gain of forty to fifty grand on a regular basis. And yes, they are helped in a big way by their professional experience, auction skills and understanding of hard money loans. Nevertheless, you're certain that your first class rehab and renovation abilities will assist you to do a quality job on the house — what's more, you have already arranged to have one of the most recommended general contractors in the business to handle this job.
But where can you get the needed capital for home flipping? A standard lending institution, like for example a bank, takes no less than 1 to 2 months to authorize the loan and hand over the cash. With the sellers looking for a fast closing, that does not seem like a good idea to you whatsoever.
With banks bringing in harder loan standards in the past several years, it is now more difficult for a self-employed individual to obtain a home loan, especially when his credit score is not optimal. So will inadequate funding stop you from sticking to your ambitions? Most certainly not, because you also have the Decatur hard money loan option.
A hard money home loan in Decatur boasts what's possibly most sought after by real estate investors — a fast closing in as few as 2 weeks. What's more, the LTV value can reach up to 70% of the home value, as determined by a credentialed appraiser. At first glance, hard money real estate loans, with starting interest rates of 10%, seem to be more expensive than bank financing. But in reality, the rate of interest is not as relevant for these loans, given that they aren't long-term loans. When it comes to short-term loans of several years or less, you should look at them the same as you might for any other expense for the project. And once you have flipped the property, recovering this expense is comparable to recouping the expense for all the bathroom or other improvements you did.
Apart from this, hard money mortgages are not hard to qualify for, whether or not you have bad credit. Decatur hard money lenders don't take on a loan exclusively based on the borrower's credit score — instead they additionally examine the property, where it is located and what it is worth, and the home's capacity to pay back the loan by itself. On top of this, if the person have proven experience in comparable real estate projects, can place down money for the down payment, and the price of comparable homes in the vicinity works to his benefit, he has got a good likelihood of being eligible to obtain a hard money real estate loan.
So if you have stumbled upon an excellent home to flip with a high prospect of returns, you've also stumbled upon a hard money lender in Decatur who is prepared to finance your fix and flip ventures. Fill out the contact form or give us a call to discuss your property.
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