Hard Money Loans in Dublin
There's this phenomenal opportunity to rehab and flip this nice out of date property in a very good part of town and it looks like the deal you have been wanting for a long time. You've probably heard that veteran home flippers, like the married couple on HGTV's Flip or Flop, enjoy an impressive average profit margin near $40,000 – $50,000. And sure, they are helped in a major way by their professional knowledge, auction abilities and knowledge of hard money loans. Still, your rehab and remodeling knowledge isn't bad either — besides, you have already found an ideal licensed contractor to tackle this project.
But how do real estate investors find money? A typical lending institution, like for example a bank, takes at the very least 1-2 months to approve the mortgage and deliver the funds. Because most sellers give preference to a fast closing, you may have to start seeking out additional financing options.
As well as this, in case you have a sub-optimal credit situation or do not have a consistent source of income, it can be more challenging to be eligible for a a bank loan, with the stricter loan requirements banks have put in place in recent times. So will a lack of funding keep you from pursuing your ambitions? Never, considering that you can always use the Dublin hard money loan approach to pay for your rehab project.
A hard money home loan in Dublin provides what's viewed as vital to many real estate sales — a quick closing of just a few weeks and at times even less. What's more, the LTV value can range up to 70% of the home value, as evaluated by a competent appraiser. Some people regard hard money real estate loans to be more costly than customary loans, since the lending rates for such loans often start at 10%. But if you appreciate that these loans are not long-term mortgage loans, the interest rate tends to be misleading. Short-term loans of a couple of months to a few years are best looked at in terms of cost of capital, the same as every other financial outlay in connection with a project. Right after you renovate and resell the property, recuperating this expense is the same as recovering the one for new kitchen appliances you installed in the place.
Apart from this, hard money mortgages are not difficult to qualify for, even when you have got bad credit. Rather than focusing solely on the applicant's credit score or wages, Dublin hard money lenders, who may be a privately owned company or an individual, approve a loan as a result of evaluating the property value, its marketability, where it is located, and the likelihood of recouping their money in case they have to foreclose the loan. The total amount that a borrower can put down beforehand towards the home, his past real estate experience, and selling price of equivalent properties in the vicinity are other details that go into ascertaining a person's suitability for a hard money real estate loan.
Locating a hard money lender in Dublin to cover expenses for your real estate project is not hard, as long as the opportunity in front of you is promising and has a strong potential for returns. Fill out the contact form on this page or get in touch with us via phone to talk about the property you have in mind.
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