There is this outstanding possibility for fixing and flipping this nice out of date property in a good location and it seems like the deal you have been expecting for quite some time. Professional house flippers, like the young couple on Flip or Flop, HGTV's reality flipping series, are capable of bringing in a gain of $40-$50k on the majority of projects. And sure, they are helped in a major way as a result of their professional experience, auction abilities and familiarity with hard money loans. Still, your rehab and remodeling knowledge isn't bad either — besides, you have already found a good contractor to tackle this project.

But where precisely can real estate investors get financing? A standard lending institution, like for example a bank, takes at least one to two months to authorize the loan and deliver the money. Given that sellers give preference to a fast closing, you might have to start searching for other funding options.

On top of this, banks have been tightening their lending standards in recent times, making it difficult for a person to receive a traditional home loan if their credit situation is not flawless or he does not have a consistent salaried job. So does that mean you have no option, but to abandon your dream of getting into the fix and flip business? Certainly not, seeing as you also have the Ecorse hard money loan option.

If you should opt for a hard money home loan in Ecorse, you'll get what is probably most important to real estate transactions across the country — a fast closing of around 14 days. Additionally, loan amounts are made up to 70% loan-to-value of the as-is home value, as determined by a professional appraiser. Some people regard hard money real estate loans to be higher in price than customary loans, because the lending rates of such loans usually start at 10%. But the time frames of these loans are rather short, making the interest rate far less significant. When it comes to short-term loans of a few years or less, you should think of them much like you would other expenditures for your project. After you fix up and resell the property, recouping this expense is no different than recuperating the expense for new kitchen appliances you placed into the property.

Furthermore, even a person with low credit will be able to qualify for a hard money mortgage. Rather than focusing solely on the borrower's credit score or source of income, Ecorse hard money lenders, who may be a private company or an individual person, say yes to a loan after analyzing the home value, its salability, where it is located, and the odds of recouping their money if they have to foreclose the loan. Other variables that impact an applicant's approval for a hard money real estate loan include how much money he can put into a down payment, his former experience being a real estate investor, and price of similar, fairly recently sold properties nearby.

So in case you have found a really good home to flip with a significant probability of returns, you have also stumbled upon a hard money lender in Ecorse who's happy to finance your fix and flip venture. Fill out the contact form or give us a call and let's talk about your property.