Suppose you've encountered this excellent deal for a fix and flip property located in an ideal neighborhood, and you're either a seasoned real estate investor or a newbie who wants to try his hand at flipping. You've probably heard that competent house flippers, like the married couple on HGTV's Flip or Flop, turn a remarkable average profit near $40,000 – $50,000. Of course, you also are aware that their great results are attributed to the fact that they are experts, are proficient in hard money loans, they understand market trends quite well and in addition, they are good at working an auction to buy their properties at an appropriate price. However, you are assured that your first class rehab and remodeling talents will enable you to do a quality job on the house — in addition, you already have lined up one of the premier general contractors in the area to take on the project.

But money is often a separate problem altogether. For those who get in touch with a regular lending institution, such as a bank for funding, it can take no less than four to eight weeks for your acceptance to be completed and your funds to be given out. Due to the fact the home owners are wanting to find a fast closing, that does not appear like a good option to you at all.

With banks establishing more challenging loan criteria in the past several years, it has become more difficult for a self-employed person to get a mortgage loan, especially when his credit score is not optimal. So should you give up and abandon your dream to venture into fix and flips? Certainly not, because you can always use the East Rockaway, New York hard money loan approach to finance your home renovating project.

A hard money home loan in East Rockaway gives you what is perhaps most sought after by real estate investors — a quick closing time of as few as 2 weeks. What's more, the LTV value can go up to 70% of the property's valuation, as determined by a certified appraiser. With the loan rates starting out near 10%, hard money real estate loans may seem, at first, to be higher priced in comparison with traditional bank lending products. But when you understand these loans are not long-term loans, the rate of interest tends to be misleading. The cost of such short-term loans ought to be viewed much like any other expenditure that you would have to meet for the project. Right after you rehab and sell off the house, recouping this expense is just like recovering the money you spent for home appliances you installed in the place.

Moreover, even an individual with poor credit will be able to qualify for a hard money mortgage. Rather than focusing exclusively on the borrower's credit score or source of income, East Rockaway hard money lenders, who can be a private company or an individual, say yes to a loan after examining the property value, ease of marketability, where it is located, and the possibility of recuperating their money if they have to foreclose the loan. On top of this, if the person can demonstrate past experience in equivalent real estate endeavors, can put down money for a down payment, and the value of similar homes in the neighborhood works in his favor, he has a really good chance of being approved to get a hard money real estate loan.

Finding a hard money lender in East Rockaway to cover expenses for your real estate project is not very challenging, as long as the opportunity before you is promising and boasts a strong prospect for returns. Complete the form or give us a call and let's talk about your property.