Suppose that you've encountered this really great bargain on a fix and flip property located in a great neighborhood, and you're either a seasoned real estate investor or a first-timer who is looking to try out flipping homes. You may have heard that professional home flippers, similar to the husband and wife on HGTV's Flip or Flop, enjoy an impressive average return close to forty to fifty thousand dollars. And sure, they are helped in a big way due to their professional experience, auction skills and understanding of hard money loans. Nevertheless, you are assured that your impressive rehab and renovation skills will assist you to do a great job on the property — what's more, you have already arranged to have one of the finest building contractors in the business to take care of this job.

But how do you find the necessary funding for home flipping? If you apply for an ordinary loan from the bank, you will need to wait approximately 1 to 2 months up until the time the loan is authorized and the money is ready. Due to the fact the sellers are seeking a fast closing, that doesn't seem like a great idea to you at all.

To add to it, banks have been tightening up their lending requirements in recent years, rendering it more challenging for a person to obtain a conventional loan if their credit rating is not flawless or he doesn't have a consistent salaried job. So does this leave you with no option, but to drop your aspiration of venturing into flipping? By no means, particularly while East Lansdowne hard money loans can help you achieve many amazing things in the real estate world.

A hard money home loan in East Lansdowne gives you what is possibly most essential to real estate investors — a fast closing in as little as 14 days. In addition, the LTV value can go up to 70% of the property value, as estimated by a competent appraiser. With interest rates starting at about 10%, hard money real estate loans may appear, initially, to be more costly when compared with conventional bank lending products. But the term lengths for these loans are comparatively short, making the interest rate far less significant. The price of such short-term loans should be viewed much like every other expense that you might encounter in the course of the project. And once you have finally flipped the home, recouping this expense is the exact same as recovering the expense for all the bathroom improvements you did.

In addition, even someone with bad credit will be able to be eligible for a hard money mortgage. Instead of focusing primarily on the person's credit score or income, East Lansdowne hard money lenders, who can be a privately owned company or an individual, say yes to a loan after evaluating the home value, its salability, its location, and the odds of recouping their money in the event of foreclosure. On top of this, if the borrower can demonstrate prior experience in comparable real estate projects, can put down cash for a down payment, and the value of comparative homes in the neighborhood works in his favor, he will have a very good chance of being eligible to obtain a hard money real estate loan.

If you happen to have stumbled upon a wonderful home to flip with a high chance of returns, you've also stumbled upon a hard money lender in East Lansdowne who's willing to fund your rehab ventures. Complete the contact form on this page or get in touch with us via phone to talk about your property or properties.