Hard Money Loans in Eaton Rapids

There's this amazing opportunity to rehab and flip this wonderful outdated condo in a good location and it seems like the one you have been eagerly waiting on for quite some time. Everyone knows that capable professional flippers, along the lines of Tarek and Christina El Moussa who star in HGTV's reality flipping show, Fix or Flop, can make a typical profit margin of forty to fifty thousand dollars when they rehab properties. Undoubtedly, you also are aware that their success can be credited to the fact that they're industry experts, are knowledgeable in hard money loans, they know the market really well and furthermore, they know how to work a public auction for getting an appropriate price. On the other hand, you're convinced that your first class rehab and remodeling knowledge can help you do an outstanding job on this property — additionally, you already have arranged to have one of the most suggested general contractors in the area to take care of the project.

But how do you obtain the needed financing for flipping? A standard lender, like for example a bank, takes at a minimum 1-2 months to authorize the financing and deliver the cash. With the home owners looking for a fast closing, that does not seem like a good idea to you at all.

With banks bringing in more challenging loan criteria in recent years, it is now harder for a self-employed individual to obtain a mortgage loan, especially when his credit situation is not perfect. So does that mean you have no option, but to abandon your aspiration to venture into rehabbing? Absolutely not, because you also have the Eaton Rapids hard money loan alternative.

A hard money home loan in Eaton Rapids promises what is perhaps most desired by real estate investors — a very fast closing time of as few as fourteen days. Further, loan amounts can be made up to 70% loan-to-value of the "as is" home's valuation, as calculated by a professional appraiser. At first glance, hard money real estate loans, with starting lending rates of 10%, seem to be more pricey than bank lending products. But usually, the interest rate isn't as useful a measure for these loans, given that they aren't long-term financing. When it comes to short-term loans of a few years or less, you should consider them much like you would other expenditures for your project. Once you've sold the property and have made a good gain, you can recover this expense from the house — much like recuperating the cost of brand-new appliances for the kitchen that you installed.

What's more, it's simple to qualify for a hard money mortgage, regardless if your credit rating is not that great. The customer's credit score is not the primary deciding factor for Eaton Rapids hard money lenders — additionally, they examine the property, its market value, its location, and its capacity to return their financial commitment if things do not go as planned. Other criteria that affect a borrower's acceptance for a hard money real estate loan include what amount of money he can put into a down payment, his previous experience as a real estate investor, and selling price of comparable, just recently sold properties in the area.

If you happen to have stumbled on an excellent home to flip with a significant prospect of returns, you have also found yourself a hard money lender in Eaton Rapids that is willing to provide financing for your flipping projects. Enter your info into the form on this page or get in touch with us via phone and let's talk about the property or properties you have in mind.

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