Hard Money Loans in Fort Pierce
A fabulous bargain on a fix and flip opportunity in a very good neighborhood suddenly turns up — sounds so good that it is hard to believe. You've probably heard that competent house flippers, much like the husband and wife on HGTV's Flip or Flop, enjoy a remarkable average return of around forty to fifty thousand dollars. No need to explain that their rehabbing experience, knowledge of hard money loans, expertise in their housing market, and auction skills have had an important part in their results. Still, your rehab and renovation skills aren't that bad either — in any case, you have already found a suitable general contractor to tackle the home.
But how can you obtain the needed funding for home flipping? In the event you opt for a traditional loan via a bank, you will wind up waiting somewhere around 30-60 days until the mortgage is authorized and the funding is accessible. With the sellers wanting a fast closing, that doesn't appear to be a wise idea to you in the slightest.
To add to it, banks have been tightening their lending requirements as of late, making it challenging for a person to receive a regular home loan if their credit circumstances are not perfect or he doesn't have a consistent salaried profession. So does this leave you with no option, but to give up your dream of getting into the fix and flip business? By no means, considering that you can always go the Fort Pierce, Florida hard money loan route to pay for your rehab project.
A hard money home loan in Fort Pierce promises what's possibly most crucial to real estate investors — a quick closing time period of as little as a few weeks. Also, hard money lenders can do loans up to 70% LTV of the property value, as assessed by a qualified third-party evaluator. Some people believe hard money real estate loans to be more expensive than customary loans, since the interest rates for these loans often start off at 10%. But the time frames of these loans are quite short, which makes the rate less significant. The price of such short-term loans ought to be looked at on par with any other expense that you would encounter during the project. And when you've sold the house, recouping this expense is the exact same as recouping the expense for all the bathroom or other improvements you performed.
In addition, even a person with low credit can still be eligible for a hard money mortgage. Fort Pierce hard money lenders do not approve a loan exclusively judging by the borrower's credit score — rather they will assess the property, its value and location, and the home's capability to pay back the financing without the help of the person. Adding to this, if the individual can demonstrate prior experience in equivalent real estate ventures, can place down money for a down payment, and the value of similar houses in the area works to his benefit, he has got a very good shot of being approved for a hard money real estate loan.
So in case you have stumbled on an excellent home to flip with a significant potential for returns, you've also found yourself a hard money lender in Fort Pierce that's willing to fund your flipping project. Fill out the form on this page or call us to discuss your property.
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