Hard Money Loans in Fort Mill
You discovered this amazing opportunity to fix and flip this wonderful old property or home in a very good location and it looks like the one you have been anticipating for quite some time. A majority of people know that expert professional flippers, along the lines of Tarek and Christina El Moussa from HGTV's reality home flipping program, Fix or Flop, can readily make an average profit margin of forty to fifty thousand dollars in their rehab business. And without a doubt, they are aided in a big way due to their professional knowledge, auction skills and knowledge of hard money loans. Still, your rehab and renovation knowledge isn't bad either — besides, you have already found the right licensed contractor to start this job.
But how do real estate investors obtain money? A conventional lender, say for example a bank, takes at the very least one to two months to approve the financing and release the capital. With the home owners seeking a fast closing, that doesn't seem like a wise idea to you in the slightest.
Moreover, for those who have a less-than-perfect credit situation or do not receive a conventional income, it may be harder to obtain a bank loan, with the tighter loan requirements banks have put in place recently. So does this leave you with no option, but to drop your dream of getting into rehabbing? By no means, particularly when Fort Mill hard money loans can help you realize great things in real estate.
A hard money home loan in Fort Mill offers you what's viewed as imperative to many real estate deals — a quick closing of only a 2-3 weeks and more often than not less. In addition, the LTV value can range up to 70% of the place's valuation, as estimated by a competent appraiser. At first, hard money real estate loans, with starting lending rates of 10%, could be seen as more costly than bank loans. But once you appreciate that these loans are not long-term home loans, the rate of interest may be misleading. The price of such short-term loans should be viewed on par with any other financial outlay that you might encounter in the course of the project. And when you've finally sold the home, recovering this expense is the exact same as recuperating the expense for the kitchen and bath updates you did.
Furthermore, even an individual with bad credit can still be eligible for a hard money mortgage. Fort Mill hard money lenders do not authorize a loan solely judging by the applicant's credit score — instead they additionally look at the property, its location and value, and the property's ability to pay back the financing by itself. On top of that, if the person can demonstrate past experience in equivalent real estate endeavors, can place down money for the down payment, and the value of comparable properties in the area works to his benefit, he stands an excellent shot of qualifying for a hard money real estate loan.
If you happen to have stumbled on an excellent home to flip with a high probability of returns, you have also found yourself a hard money lender in Fort Mill that is willing to provide funding for your rehab project. Enter your info into the form on this page or call us to talk about the property or properties you have in mind.
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