Hard Money Loans in Flowery Branch
There is this amazing opportunity to fix and flip this wonderful out of date house in a good area and it seems a lot like the one you've been wanting for a long time. You've probably heard that professional home flippers, such as the couple on HGTV's Flip or Flop, have a remarkable average profit margin close to forty to fifty thousand dollars. It goes without saying their past experiences rehabbing, knowledge of hard money loans, expertise in their market, and auction talents have played an important role in their success. On the other hand, you are assured that your first class rehab and renovation skills will enable you to do a superb job for this project — additionally, you already have arranged to have one of the finest building contractors in the area to take on this project.
But where can real estate investors find capital? Should you meet with a common lending institution, such as a bank for financing, it is very likely going to take, at a minimum, thirty to sixty days for the approval to come through and your funds to be furnished. So if you will be looking for a fast closing, you need to understand or know that this will cost you a couple weeks, causing you to miss out on the opportunity.
To add to it, banks have already been tightening up their lending standards in recent years, making it hard for a person to get a regular home loan if their credit circumstances are not flawless or he doesn't have a regular salaried occupation. So will inadequate funding stop you from sticking with your ambitions? Certainly not, considering that you could always use the Flowery Branch hard money loan approach to finance your home flipping project.
If you opt for a hard money home loan in Flowery Branch, you'll get what is possibly most important to real estate purchases across the country — a fast closing of approximately 2 weeks. Also, hard money lenders can do funding up to 70% LTV of the property or home value, as established by a qualified third-party evaluation. Some people believe hard money real estate loans to be higher priced than standard loans, since the interest rates for these loans often start at 10%. But in reality, the interest rate isn't as relevant for these loans, because they are not long-term financing. As it pertains to short-term loans of several years or even less, you should look at them the same as you would for any other expenditure for the project. Right after you renovate and unload the property, recuperating this expense is the same as recouping the expense for new kitchen appliances you installed in the property.
Furthermore, even an individual with poor credit will be able to qualify for a hard money mortgage. Flowery Branch hard money lenders don't authorize a loan solely according to the customer's credit score — instead they also assess the property, its location and value, and the home's capability to pay back the loan on its own. The amount that an individual can put upfront towards the house, how much practical experience he has in real estate investments, and selling price of comparable homes in the neighborhood are various other details that go into determining a borrower's qualification for a hard money real estate loan.
So if you have stumbled on a really good fixer-upper with a high potential for returns, you've also found yourself a hard money lender in Flowery Branch that's prepared to provide funding for your rehab venture. Submit the form on this page or call us to discuss the property or properties you have in mind.
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