There is this phenomenal possibility for renovating and flipping this wonderful outdated house in a good part of town and it seems a lot like the one you have been looking forward to for quite some time. You've probably heard that veteran house flippers, much like the husband and wife on HGTV's Flip or Flop, have a remarkable average return of around $40,000 – $50,000. No need to explain that their rehabbing experience, knowledge of hard money loans, expertise in their market, and auction talents have been large factors to their results. With that being said, you have likewise been cultivating your rehab and renovation skills, have a very good contractor ready to go and are positive that you're capable of doing a bang up job for this house.

But how do you obtain the needed funding for home flipping? A traditional lender, for instance a bank, takes at a minimum 1 to 2 months to approve the mortgage and provide the cash. With all the home owners looking for a fast closing, that does not appear like a wise idea to you whatsoever.

With banks adding more challenging loan standards in the past few years, it has become tougher for a self-employed individual to find a home loan, especially if his credit circumstances are not perfect. So does that leave you with no other option, but to drop your ambition of venturing into home flipping? Not at all, especially while Dundee hard money loans can help you achieve many amazing things in the real estate market.

A hard money home loan in Dundee promises what's possibly most desired by real estate investors — a fast closing in as little as two weeks. Furthermore, hard money lenders will often consent to funding up to 70% LTV of the home's valuation, as calculated by a certified third-party evaluator. At first, hard money real estate loans, with starting lending rates of 10%, could be seen as more expensive than bank financing. But once you consider these loans are not long-term loans, the rate of interest may be misleading. Short-term loans of several months to a handful of years are best thought of in terms of cost of capital, similar to every other expense related to a project. After you remodel and sell off the house, recouping this expense is just like recouping the cost of the home appliances you placed into the house.

Aside from that, hard money mortgages are easy qualifying, even in the event you have got bad credit. The customer's credit score is not the lone determining factor for Dundee hard money lenders — additionally, they look at the piece of real estate, its market value, its location, and its potential to earn back their financial commitment if things do not go as planned. On top of that, if the borrower have proven experience in equivalent real estate projects, can place down cash towards the down payment, and the price of comparable properties in the area works in his favor, he will have a very good shot of being approved to obtain a hard money real estate loan.

So should you come across a good and profitable investment opportunity, be assured you will have a hard money lender in Dundee, ready to lend you the capital you'll need. Enter your info into the form on this page or get in touch with us via phone and let's talk about your property.