Hard Money Loans in Duryea

Suppose that you've run across this really great bargain on a fix and flip property you found in a great neighborhood, and you happen to be either a skilled real estate investor or a first-timer who really wants to try his hand at flipping. Professional home flippers, like the young married couple on Flip or Flop, HGTV's reality flipping show, are capable of generating a gain of forty to fifty grand on average. Naturally, you also are aware that their successes are attributed to the fact that they're industry experts, are knowledgeable in hard money loans, they know the marketplace really well and furthermore, they know how to work an auction to purchase their houses at a good price. However, you're convinced that your superb rehab and renovation knowledge will help you do a quality job on the project — in addition, you already have arranged to have one of the finest building contractors in the business to take care of this job.

But how do you find the needed financing for home flipping? A standard lender, for instance a bank, takes at the very least 1-2 months to approve the financing and deliver the monies. Considering that all the sellers are seeking a fast closing, that doesn't appear to be a great idea to you in the slightest.

As well as this, should you have an unfavorable credit rating or do not receive a consistent source of income, it can be more challenging to be eligible for a bank loan, considering the more stringent loan requirements banks have put in place as of late. So should you admit defeat and forego your aspiration to venture into fix and flips? Under no circumstances, particularly when Duryea hard money loans can help you realize great things in the real estate market.

A hard money home loan in Duryea promises what's perhaps most sought after by real estate investors — a fast closing in as few as 14 days. Also, hard money lenders are capable of doing funding up to 70% LTV of the home's valuation, as identified by a licensed third-party evaluator. Some individuals regard hard money real estate loans to be higher in price than standard loans, because the lending rates for such loans generally start off at 10%. But if you appreciate that these loans are not long-term loans, the rate tends to be misleading. As it pertains to short-term loans of several years or even less, you should look at them much like you would other expenses for the project. When you have turned the property and have made a successful return, you'll be able to reclaim this expense from the house — much like recuperating the money spent on the brand-new appliances for the kitchen that you have put in.

Furthermore, even an individual with low credit can easily be eligible for a hard money mortgage. Instead of focusing primarily on the borrower's credit score or income, Duryea hard money lenders, who could be a private company or an individual, say yes to a loan after examining the home value, its salability, its location, and the probability of getting back their capital if they have to foreclose the loan. Other criteria that affect an applicant's acceptance for a hard money real estate loan can include the amount he can put towards a down payment, his prior experience being a real estate investor, and price range of similar, just recently sold properties in the vicinity.

Finding a hard money lender in Duryea to finance your renovation project is not difficult, as long as the opportunity in front of you is promising and has a good potential for returns. Fill out the contact form on this page or get in touch with us via phone and let's discuss your property or properties.

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Investment property loans only please, no primary residences at this time.