You discovered this amazing possibility for renovating and flipping this nice outdated house in a good location and it looks like the one you've been looking forward to for quite some time. Professional residential home flippers, similar to the young couple on Flip or Flop, HGTV's reality flipping show, are able to generate a profit of $40-$50k on a regular basis. And yes, they are helped in a major way as a result of their professional knowledge, auction skills and knowledge of hard money loans. Nonetheless, your rehab and remodeling knowledge isn't that bad either — in any case, you've already located a suitable building contractor to take on this home.

But how can you find the needed capital for flipping? Should you apply for a conventional loan via a bank, you will wind up waiting approximately 1 to 2 months before the money is approved and your money is ready. Due to the fact the sellers are seeking a fast closing, that does not appear like a good idea to you in the slightest.

To add to it, banks have been tightening up their lending criteria in recent times, making it difficult for a person to get an ordinary home loan if their credit score is not flawless or he does not have a consistent salaried job. So does this leave you with no other option, but to drop your dream of venturing into rehabbing? Most certainly not, because you always have the Dunkirk, New York hard money loan alternative.

A hard money home loan in Dunkirk offers what is viewed as crucial to most real estate transactions — a quick closing of just a few weeks and sometimes even less. Furthermore, hard money lenders are capable of doing funding up to 70% LTV of the home's valuation, as estimated by a credentialed third-party evaluation. On the surface, hard money real estate loans, with starting lending rates of 10%, appear to be more pricey than bank lending options. But the lengths of these loans tend to be much shorter, making the interest rate less significant. As it pertains to short-term loans of several years or less, you should look at them just like you would other expenses for your project. And as soon as you've finally flipped the house, recovering this expense is comparable to recovering the expense for the bathroom or other updates you did.

Moreover, even someone with weak credit will be able to qualify for a hard money mortgage. Instead of focusing primarily on the person's credit score or net income, Dunkirk hard money lenders, who can be a privately owned company or an individual, say yes to a loan as a result of assessing the property value, its salability, where it is located, and the likelihood of recuperating their capital if they have to foreclose the loan. How much an individual can put upfront for the property or home, his past real estate experience, and selling price of equivalent homes in the same neighborhood are additional details that go into analyzing a person's suitability for a hard money real estate loan.

If you happen to have stumbled upon a really good real estate opportunity with a huge chance of returns, you've also stumbled upon a hard money lender in Dunkirk who is prepared to provide financing for your flipping projects. Submit the form on this page or get in touch with us via phone and let's talk about your property or properties.