Hard Money Loans in Findlay
There is this amazing possibility for renovating and flipping this nice outdated home in a good part of town and it looks like the one you have been wanting for quite a while. You've probably heard that veteran home flippers, like the married couple on HGTV's Flip or Flop, have an impressive average profit margin of around $40,000 – $50,000. Of course, you also realize that their results are attributed to the simple fact that they are industry experts, are knowledgeable in hard money loans, they understand the marketplace really well and furthermore, they know how to work a public auction to buy their homes at an appropriate price. On the other hand, you are certain that your superb rehab and remodeling knowledge will help you do an outstanding job on this project — additionally, you already have lined up one of the most recommended contractors in town to work on this job.
But financing is often a different problem entirely. A traditional lender, for instance a bank, takes no less than one to two months to authorize the loan and provide the capital. Thus if you are anticipating a fast closing, it is important you understand or know that this may set you back by a few weeks, causing you to lose out on the sale.
What's more, in case you have a sub-optimal credit rating or do not receive a conventional income source, it can be tougher for you to obtain a bank loan, considering the tougher loan guidelines banks have put in place as of late. So does this mean you are without an option, but to abandon your dream of venturing into home renovating? Not at all, especially when Findlay hard money loans will assist you to achieve great things in real estate.
A hard money home loan in Findlay boasts what is probably most important to real estate investors — a fast closing time of as little as 2 weeks. Further, loan amounts are made up to 70% loan-to-value of the "as is" valuation, as calculated by a qualified appraiser. With loan rates starting around 10%, hard money real estate loans may appear, at first, to be more pricey in comparison with traditional bank financing. But the term lengths for these loans are rather short, making the interest rate much less significant. The price tag on such short-term loans should be considered on par with every other cost that you might encounter in the course of the project. And once you have flipped the property, recouping this expense is comparable to recovering the expense for all the bathroom updates you performed.
In addition, even an individual with weak credit can still be eligible for a hard money mortgage. Findlay hard money lenders do not authorize a loan exclusively based on the person's credit score — instead they additionally look at the property, where it is located and what it is worth, and the property's capability to pay back the financing without the help of the applicant. Additional factors that impact a customer's acceptance for a hard money real estate loan can include how much he can put towards a down payment, his previous experience being a real estate investor, and price range of similar, recently sold properties in the vicinity.
So should you come across a really good and worthwhile flipping opportunity, be assured you will have a hard money lender in Findlay, able to loan you the money you'll need. Submit the contact form or give us a call to discuss your property.
A loan specialist will be in touch shortly