Suppose that you've come across this really great deal on a fix and flip property in a great neighborhood, and you are either an experienced real estate investor or a newbie who really wants to try his hand at flipping. You may have heard that professional property flippers, much like the married couple on HGTV's Flip or Flop, enjoy an impressive average return close to forty to fifty thousand dollars. It goes without saying their past experiences rehabbing, understanding of hard money loans, familiarity with the market, and auction skills have played a big part in their successes. However, you're assured that your first class rehab and renovation skills can help you do a superb job on this house — additionally, you already have arranged to have one of the best general contractors in the area to take care of this project.

But where can you obtain the necessary financing for home flipping? Should you opt for a regular loan via a bank, you will wind up waiting approximately 1-2 months up until the time the financing is approved and your funds are accessible. So if you're looking for a fast closing, you must be aware that this will cost you a couple of weeks, causing you to lose out on the house.

With banks establishing more challenging loan requirements in recent years, it has become more challenging for a self-employed person to get a home loan, especially when his credit rating is not perfect. So will a lack of funding prevent you from sticking to your aspirations? Definitely not, seeing as you always have the Englewood hard money loan option.

A hard money home loan in Englewood provides you with what is perhaps most important to real estate investors — a quick closing in as little as two weeks. Furthermore, hard money lenders can approve loans up to 70% LTV of the home value, as estimated by a professional third-party evaluation. A number of people regard hard money real estate loans to be more pricey than customary financing, because the lending rates of such loans generally start off at 10%. But when you understand these loans are not long-term mortgage loans, the rate tends to be misleading. Short-term loans of a couple of months to a handful of years are best looked at as cost of capital, much like all other expenditures in connection with a project. Right after you renovate and unload the house, recovering this expense is just like recuperating the one for new kitchen appliances you placed into the place.

Furthermore, even a person with weak credit will be able to be eligible for a hard money mortgage. Instead of focusing strictly on the applicant's credit score or wages, Englewood hard money lenders, who can be a private company or an individual person, authorize a loan after evaluating the property value, how easy it will be to market, where it is located, and the likelihood of recuperating their money in the event of foreclosure. The amount that a person can put upfront towards the property or home, his past real estate experience, and price range of comparable homes in the area are other details that go into ascertaining a borrower's eligibility for a hard money real estate loan.

So should you come across a good and worthwhile investment opportunity, be assured you'll have a hard money lender in Englewood, ready to lend you the money you'll need. Complete the form or give us a call and let's talk about your project.