Hard Money Loans in East McKeesport
Suppose you've encountered this really great deal for a fix and flip property in a terrific neighborhood, and you happen to be either a skilled real estate investor or a newbie who really wants to try his hand at flipping. Expert residential home flippers, like the young couple on Flip or Flop, HGTV's reality flipping series, are capable of bringing in a profit of $40-$50k for most homes. Undoubtedly, you also recognize that their results are due to the simple fact that they are professionals, are knowledgeable in hard money loans, they know the market really well and furthermore, they are good at working an auction for getting a reasonable deal. Nevertheless, you're assured that your impressive rehab and remodeling abilities can help you do an outstanding job on the property — furthermore, you already have lined up one of the best general contractors in the business to work on this project.
But where can real estate investors get money? When you meet with a common lender, such as a bank for a loan, it very likely will take no less than four to eight weeks for your approval to come through and the money to be distributed. Since the majority of home owners would rather have a fast closing, it may be best to start searching for additional financing options.
With banks introducing more challenging loan standards in the past several years, it is now tougher for a self-employed person to find a mortgage loan, especially if his credit circumstances are not flawless. So will inadequate funds stop you from sticking to your aspirations? Most certainly not, seeing as you always have the East McKeesport hard money loan alternative.
A hard money home loan in East McKeesport provides you with what's perhaps most desired by real estate investors — a quick closing in as little as 2 weeks. And additionally, loan amounts can be done for up to 70% loan-to-value of the as-is value, as established by a professional appraiser. At first, hard money real estate loans, with starting interest rates of 10%, appear to be more costly than bank loans. But in reality, the interest rate isn't as relevant for these loans, simply because they are not long-term loans. The price tag on such short-term loans should be viewed on par with any other cost that you might encounter during the project. Right after you fix up and sell off the property, recouping this expense is just like recouping the expense for stainless steel appliances you installed in the home.
Besides, hard money mortgages are not hard to qualify for, whether or not you have less-than-perfect credit. East McKeesport hard money lenders don't take on a loan exclusively on the basis of the borrower's credit score — instead they additionally analyze the property, its location and value, and the property's ability to pay back the loan independent of the person. Several other factors that impact an individual's eligibility for a hard money real estate loan can include the amount he is in a position to put into a down payment, his past experience as a real estate investor, and selling price of comparable, just recently sold homes in the neighborhood.
So should you run into an outstanding and lucrative investment opportunity, relax knowing you will have a hard money lender in East McKeesport, prepared to lend you the funds that you need. Complete the contact form on this page or get in touch with us via phone and let's talk about your property or properties.
A loan specialist will be in touch shortly