Hard Money Loans in Deer Park
There's this phenomenal opportunity to rehab and flip this wonderful out of date house in a very good area and it looks a lot like the one you've been looking forward to for a long time. You've probably heard that competent house flippers, such as the married couple on HGTV's Flip or Flop, enjoy an impressive average return close to forty to fifty thousand dollars. And indeed, they are helped in a major way by their professional experience, auction skills and knowledge of hard money loans. That said, you have recently been cultivating your rehab and remodeling skills, have got a licensed contractor lined up and are confident that you will be able to do an impressive job on this home.
But where do you find the needed financing for flipping? A standard lender, say for example a bank, takes at a minimum one to two months to consent to the loan and deliver the money. So if you happen to be looking for a fast closing, you need to understand or know that this will set you back by a couple of weeks, making you miss out on the opportunity.
To add to it, banks have been tightening their lending requirements in recent years, which makes it tough for people to receive a regular loan if their credit circumstances are not perfect or he doesn't have a regular salaried occupation. So will a lack of financing stop you from pursuing your ambitions? Certainly not, on the grounds that you can always go the Deer Park hard money loan route to finance your flipping project.
A hard money home loan in Deer Park promises what's probably most crucial to real estate investors — a fast closing time of as little as 2 weeks. What's more, the LTV value can reach up to 70% of the home's valuation, as estimated by a competent appraiser. At first glance, hard money real estate loans, with starting interest rates of 10%, seem to be higher in price than bank loans. But the time frames of these loans are comparatively shorter, making the interest rate less important. As it pertains to short-term loans of a handful of years or even less, you should think about them the same as you might for any other expense for your project. And as soon as you have flipped the property, recovering this expense is the exact same as recouping the expense for all the kitchen and bath upgrades you did.
Moreover, even an individual with bad credit will be able to qualify for a hard money mortgage. The borrower's credit score will not be the lone determining factor for Deer Park hard money lenders — they also examine the property, what is it valued at, its location, and its ability to bring back their investment if things should not work out as planned. Additional criteria that influence an applicant's eligibility for a hard money real estate loan include how much he is able to put into a down payment, his past experience as a real estate investor, and selling price of comparative, fairly recently sold homes in the neighborhood.
If you happen to have found a really great fixer-upper with a significant potential for returns, you've also stumbled upon a hard money lender in Deer Park that is happy to provide funding for your fix and flip projects. Complete the contact form on this page or give us a call and let's discuss your project.
A loan specialist will be in touch shortly