Suppose you've stumbled upon this truly good bargain on a fix and flip property located in an ideal neighborhood, and you are either a seasoned real estate investor or a first-timer who wants to try out flipping homes. Professional home flippers, such as the young married couple on Flip or Flop, HGTV's reality flipping series, are capable of bringing in a profit of $40-$50k for most homes. And indeed, they are aided in a major way as a result of their professional know-how, auction expertise and understanding of hard money loans. On the other hand, you're convinced that your superb rehab and remodeling knowledge can help you do a superb job for this home — furthermore, you have already lined up one of the most suggested general contractors in the area to work on the job.

But how do real estate investors obtain money? For those who opt for a conventional loan from the bank, you will have to wait roughly 4-8 weeks up until the time the money is authorized and your funds are available. Due to the fact all the home owners are wanting to find a fast closing, that doesn't seem like a good option to you in the slightest.

On top of this, banks have been tightening up their lending criteria as of late, making it hard for people to obtain a conventional home loan if their credit score is not perfect or he doesn't have a consistent salaried job. So will a lack of financing keep you from sticking to your ambitions? Not at all, especially while Exeter hard money loans will assist you to achieve great things in the real estate market.

A hard money home loan in Exeter offers you what's regarded as vital to most real estate deals — a very fast closing of just a couple of weeks and more often than not less. Additionally, loan amounts can be done for up to 70% loan-to-value of the "as is" property's valuation, as determined by a licensed appraiser. Some people regard hard money real estate loans to be costlier than ordinary financing, since the interest rates of such loans generally start off at 10%. But usually, the interest rate isn't as pertinent for these loans, since they will never be long-term loans. As it pertains to short-term loans of one or two years or even less, you should consider them just like you would other expenses for your project. And once you have sold the house, recovering this expense is the exact same as recouping the expense for all the bathroom updates you did.

Moreover, even someone with low credit can still qualify for a hard money mortgage. Exeter hard money lenders don't take on a loan solely according to the person's credit score — rather they will look at the property, its valuation and location, and the property's capability to pay back the financing without the help of the person. Adding to this, if the borrower have proven experience in equivalent real estate endeavors, can place down money for a down payment, and the price of comparable homes in the area works in his favor, he has an excellent likelihood of being eligible for a hard money real estate loan.

Finding a hard money lender in Exeter to fund your fix and flip endeavor is not very challenging, provided that the opportunity in front of you is promising and offers a good prospect for returns. Complete the form or call us and let's discuss the property you have in mind.