Hard Money Loans in East Point
There is this outstanding opportunity to fix and flip this wonderful outdated property in a fantastic area and it seems like the one you've been anticipating for quite a while. Everybody knows that skilled professional flippers, such as Tarek and Christina El Moussa who do HGTV's reality flipping show, Fix or Flop, can readily earn a typical profit of forty to fifty thousand dollars in their rehab business. It goes without saying their past experiences rehabbing, knowledge of hard money loans, familiarity with the housing market, and auction talents have played a significant part in their results. Still, your rehab and renovation skills aren't that bad either — in any case, you've already found the right contractor to handle the project.
But where can real estate investors obtain funding? A standard lender, like for example a bank, takes at least 1 to 2 months to authorize the financing and deliver the funds. With all the home owners seeking a fast closing, that does not appear like a wise idea to you whatsoever.
With banks establishing more challenging loan standards in the past several years, it's become much harder for a self-employed individual to get a home loan, especially if his credit situation is not flawless. So will inadequate funds prevent you from following your ambitions? Absolutely not, seeing as you also have the East Point hard money loan alternative.
If you decide to put in an application for a hard money home loan in East Point, you have access to what's perhaps most vital to real estate offers throughout the country — a quick closing of around two weeks. And additionally, financing can be made up to 70% loan-to-value of the "as is" home value, as deemed by a qualified appraiser. Some individuals regard hard money real estate loans to be more expensive than customary financing, because the lending rates for these loans ordinarily start out at 10%. But once you understand these are not long-term home loans, the rate of interest may be misleading. As it pertains to short-term loans of a handful of years or even less, you should consider them identical to every other expense for your project. And when you have sold the house, recuperating this expense is the exact same as recuperating the expense for all the bathroom updates you did.
Also, it's simple to be eligible for a hard money mortgage, regardless of whether your credit score is not that extraordinary. East Point hard money lenders do not authorize a loan exclusively based on the applicant's credit score — instead they additionally analyze the home, its location and value, and the property's capacity to pay back the financing on its own. Adding to that, if the individual can demonstrate prior experience in equivalent real estate endeavors, can put down cash towards a down payment, and the cost of similar houses in the area works to his benefit, he will have a very good chance of qualifying for a hard money real estate loan.
Locating a hard money lender in East Point to fund your fix and flip endeavor is not hard, provided that the opportunity in front of you is promising and offers a good potential for returns. Fill out the form on this page or call us and let's discuss the property or properties you have in mind.
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