Hard Money Loans in Dublin
Suppose you've come across this truly good deal on a fix and flip property in a terrific location, and you're either a seasoned real estate investor or a newbie who hopes to try out flipping homes. Professional house flippers, much like the young married couple on Flip or Flop, HGTV's reality flipping show, are able to bring in a profit of $40-$50k as an average on more than one occassion. And indeed, they are helped in a big way due to their professional know-how, auction skills and knowledge of hard money loans. On the other hand, you are certain that your impressive rehab and renovation abilities can help you do an outstanding job on the project — furthermore, you have already arranged to have one of the best contractors in the business to take on this job.
But financing is usually a separate issue altogether. A traditional lender, for instance a bank, takes at the very least 1 to 2 months to consent to the mortgage and release the funds. So if you will be looking for a fast closing, you have to recognize that this will cost you a couple weeks, causing you to lose out on the opportunity.
On top of this, banks have been tightening up their lending criteria in recent times, rendering it more tough for a person to obtain a regular loan if their credit score is not perfect or he does not possess a consistent salaried occupation. So does that leave you with no option, but to abandon your dream to venture into flipping? Never, on the grounds that you can always go the Dublin hard money loan route to finance your rehab project.
If you should put in an application for a hard money home loan in Dublin, you'll get what's possibly most important to real estate transactions throughout the country — a very fast closing of about a couple weeks. And additionally, financing can be made up to 70% loan-to-value of the as-is house value, as determined by a qualified appraiser. At first, hard money real estate loans, with starting lending rates of 10%, seem to be more pricey than bank financing. But the time frames of these loans are relatively short, which means the interest rate is less important. The price tag on such short-term loans ought to be considered much like any other financial outlay that you will have to meet for the project. Right after you remodel and unload the house, recouping this expense is no different than recouping the cost of the stainless steel appliances you placed into the place.
Also, it is easy to be eligible for a a hard money mortgage, regardless of whether your credit situation is not that impressive. Instead of focusing strictly on the borrower's credit score or income, Dublin hard money lenders, who may be a private company or an individual, say yes to a loan after examining the property value, its salability, where it is located, and the odds of recouping their capital in the event of foreclosure. Several other criteria that have an impact on a customer's approval for a hard money real estate loan can include what amount of money he can put into a down payment, his prior experience as a real estate investor, and price range of similar, fairly recently sold residences nearby.
So any time you run into a really good and lucrative flipping opportunity, relax knowing you'll have a hard money lender in Dublin, equipped to loan you the capital that you need. Submit the form on this page or give us a call and let's discuss your property.
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