Hard Money Loans in Dighton
There's this outstanding opportunity to fix and flip this nice outdated home in a very good area and it looks like the one you have been looking forward to for quite some time. Everyone knows that capable professional flippers, along the lines of Tarek and Christina El Moussa from HGTV's reality flipping series, Fix or Flop, can generate a typical profit of $40,000 to $50,000 on their home projects. No need to explain that their past experiences rehabbing, understanding of hard money loans, expertise in their market, and auction skills have been major factors to their results. Still, your rehab and remodeling skills aren't that bad either — besides, you have already located a suitable building contractor to start this job.
But capital can be a separate question altogether. In the event you meet with a customary lender, such as a bank for financing, it's likely going to take a minimum of 4-8 weeks for your acceptance to be completed and your funds to be furnished. Since most sellers would prefer a fast closing, you might have to start looking for additional funding alternatives.
What's more, in case you have a sub-optimal credit situation or do not receive a regular income source, it is normally tougher for you to qualify for a bank loan, with the tighter loan guidelines banks have introduced recently. So does this leave you with no other option, but to abandon your aspiration of venturing into rehabbing? Under no circumstances, particularly when Dighton, Massachusetts hard money loans can help you achieve great things in the real estate market.
If you decide to put in an application for a hard money home loan in Dighton, you have access to what's perhaps most essential to real estate purchases across the country — a very fast closing of approximately 14 days. And additionally, loan amounts can be done for up to 70% loan-to-value of the "as is" property value, as deemed by a qualified appraiser. At first, hard money real estate loans, with starting interest rates of 10%, seem to be more costly than bank loans. But when you understand these are not long-term loans, the interest rate tends to be misleading. Short-term loans of a couple of months to a few years are best thought of as cost of capital, the same as every other financial outlay related to a project. After you fix up and sell off the house, recovering this expense is the same as recuperating the money you spent for home appliances you installed in the place.
Moreover, even a person with poor credit can easily be eligible for a hard money mortgage. The applicant's credit score isn't the primary determining factor for Dighton hard money lenders — in addition, they consider the property, what is it valued at, its location, and its potential to bring back their financial commitment if things do not work out as planned. Adding to that, if the applicant have proven experience in equivalent real estate ventures, can place down money for a down payment, and the price of comparable properties in the area works to his benefit, he stands a good chance of qualifying to get a hard money real estate loan.
So in case you have found a really great home to flip with a huge potential for returns, you've also stumbled upon a hard money lender in Dighton that is willing to provide financing for your rehab projects. Enter your info into the contact form or call us to discuss the property you have in mind.
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