Hard Money Loans in Enid
Suppose that you've run into this truly good deal for a fix and flip property you found in a terrific neighborhood, and you're either a skilled real estate investor or a newbie who really wants to try his hand at flipping. Many people know that skilled professional flippers, like Tarek and Christina El Moussa who do HGTV's reality flipping series, Fix or Flop, are able to turn an average profit of forty to fifty thousand dollars when they flip properties. Of course, you also know that their success are credited to the simple fact that they're experts, are proficient in hard money loans, they understand the marketplace quite well and furthermore, they know how to work a public auction for getting a reasonable price. That said, you have likewise been brushing up your rehab and remodeling skills, have a general contractor ready to go and are positive that you will be able to do an impressive job on this home.
But how can real estate investors obtain money? When you get in touch with a common lender, such as a bank for a mortgage loan, it in all likelihood will take, at a minimum, 30-60 days for the acceptance to come through and the funds to be dispersed. Because most sellers would prefer a fast closing, you might want to start seeking out some other financing alternatives.
With banks bringing in tougher loan requirements in the last few years, it is now more challenging for a self-employed individual to find a home loan, especially if his credit circumstances are not flawless. So will inadequate financing prevent you from sticking with your ambitions? Never, due to the fact you could always go the Enid hard money loan route to pay for your home renovating project.
A hard money home loan in Enid provides you with what is possibly most desired by real estate investors — a fast closing time period of as little as 14 days. Aside from that, financing can be done for up to 70% loan-to-value of the as-is home value, as determined by a professional appraiser. At first glance, hard money real estate loans, with starting lending rates of 10%, could be seen as more pricey than bank loans. But the term lengths for these loans tend to be quite shorter, making the rate far less significant. The price of such short-term loans ought to be viewed on par with every other financial outlay that you will have to meet for the project. When you have sold the property and have made a good financial gain, you can get back this expense from the home — very much like recovering the money necessary for the brand-new home appliances that you installed.
Besides, hard money mortgages are not hard to qualify for, even when you have a low credit rating. The borrower's credit score will not be the sole deciding factor for Enid hard money lenders — additionally, they examine the piece of real estate, its market valuation, where it is located, and its ability to earn back their financial commitment if things do not go as planned. Adding to this, if the individual have proven experience in similar real estate ventures, can put down cash towards the down payment, and the value of comparable houses in the vicinity works to his benefit, he stands a good shot of being approved for a hard money real estate loan.
So should you run into a very good and profitable investment opportunity, relax knowing you will have a hard money lender in Enid, prepared to lend you the money you may need. Fill out the form or give us a call to discuss your property.
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