Hard Money Loans in Elmira

Imagine you've encountered this truly good bargain for a fix and flip property located in a great neighborhood, and you're either an experienced real estate investor or a newbie who really wants to try out flipping homes. Expert property flippers, like the young couple on Flip or Flop, HGTV's reality flipping program, are capable of hauling in a gain of $40-$50k on average. And indeed, they are helped in a major way by their professional knowledge, auction skills and knowledge of hard money loans. However, you're convinced that your first class rehab and remodeling abilities can help you do a superb job for this house — furthermore, you have already lined up one of the best building contractors in town to handle this project.

But money is often a different problem entirely. For those who go after a conventional loan from the bank, you will need to wait somewhere around one to two months before the mortgage is approved and your funds are ready. Considering that all the home owners are seeking a fast closing, that doesn't appear to be a wise idea to you in the slightest.

On top of this, banks have already been tightening up their lending criteria in recent times, rendering it more hard for a person to obtain an ordinary home loan if their credit rating is not perfect or he doesn't have a regular salaried occupation. So will a lack of funding stop you from pursuing your aspirations? Not at all, especially while Elmira hard money loans enable you to accomplish great things in real estate.

When you get a hard money home loan in Elmira, you're going to get what's perhaps most essential to real estate negotiations across the country — a quick closing of approximately fourteen days. Plus, the LTV value can go up to 70% of the home value, as evaluated by a competent appraiser. With the loan rates starting off at about 10%, hard money real estate loans might appear, at first, to be more expensive in comparison with conventional bank lending products. But usually, the rate of interest is not as relevant for these loans, simply because they will never be long-term loans. The price of such short-term loans ought to be evaluated much like every other expenditure that you would need to meet for the project. Once you have turned the property and have made a successful financial gain, you'll be able to get back this expense from the property — much like recouping the cost of brand-new home appliances that you've installed.

What's more, it is easy to be eligible for a hard money mortgage, regardless if your credit rating is not that impressive. The applicant's credit score is not the lone determining factor for Elmira hard money lenders — additionally, they consider the piece of real estate, what is it valued at, where it is located, and its capacity to bring back their investment if things should not go as planned. Several other variables that impact a borrower's approval for a hard money real estate loan include the amount he is able to put towards a down payment, his prior experience as a real estate investor, and selling price of comparable, just recently sold residences in the area.

So if you have found an excellent fixer-upper with a huge potential for returns, you have also stumbled upon a hard money lender in Elmira that's willing to finance your rehab projects. Complete the form or give us a call and let's talk about your property or properties.

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