Hard Money Loans in Evans
A remarkable deal on a fix and flip property located in a good subdivision shows up out of the blue — sounds so good that it's hard to believe. Everybody knows that skilled professional flippers, along the lines of Tarek and Christina El Moussa who do HGTV's reality home flipping series, Fix or Flop, can readily earn a typical profit of $40,000 to $50,000 on their flips. And indeed, they are helped in a big way due to their professional know-how, auction skills and familiarity with hard money loans. Nonetheless, your rehab and renovation skills aren't that bad either — aside from that, you've already identified an ideal building contractor to start this home.
But how can you get the necessary financing for home flipping? Should you approach a customary lender, like a bank for financing, it is very likely going to take, at a minimum, thirty to sixty days for the approval to be completed and the funds to be dispersed. Thus if you happen to be expecting a fast closing, you need to realize that this could cost you a few weeks, making you miss out on the home.
With banks establishing more challenging loan criteria in the last few years, it has become much harder for a self-employed individual to obtain a home loan, especially if his credit rating is not perfect. So will a shortage of financing stop you from pursuing your ambitions? Certainly not, considering that you can always go the Evans hard money loan route to finance your flipping project.
If you decide to opt for a hard money home loan in Evans, you have access to what is possibly most essential to real estate transactions across the country — a quick closing of around fourteen days. Further, financing can be done for up to 70% loan-to-value of the as-is property value, as established by a qualified appraiser. With the lending rates starting at about 10%, hard money real estate loans may look, at first glance, to be more pricey as compared with traditional bank financing. But in reality, the rate of interest is not as relevant for these loans, because they will never be long-term loans. As it pertains to short-term loans of a handful of years or even less, you should think of them just like you would other expenditures for the project. After you remodel and sell the property, recovering this expense is just like recouping the cost of the stainless steel appliances you put in the home.
What's more, it's easy to be eligible for a a hard money mortgage, even when your credit score is not that great. The borrower's credit score isn't the primary deciding factor for Evans hard money lenders — they also analyze the property, its market valuation, where it is located, and its capability to earn back their financial commitment if things should not go as intended. How much a borrower can put upfront for the home, how much practical experience he has in real estate investing, and selling price of comparable homes in the same vicinity are various other factors that go into determining an applicant's suitability for a hard money real estate loan.
Searching for a hard money lender in Evans to finance your renovation project is not very challenging, assuming that the opportunity that lies ahead of you is promising and possesses a good prospect for returns. Fill out the form on this page or get in touch with us via phone and let's discuss the project you have in mind.
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