Hard Money Loans in Fulton
Suppose you've stumbled upon this truly good deal on a fix and flip property in an ideal neighborhood, and you are either a seasoned real estate investor or a first-timer who wants to try his hand at flipping. Professional home flippers, like the young couple on Flip or Flop, HGTV's reality flipping show, are able to earn a profit of $40-$50k on average. And yes, they are helped in a big way due to their professional experience, auction skills and knowledge of hard money loans. Having said that, you have likewise been developing your rehab and remodeling knowledge, have a very good general contractor ready for the project and are confident that you're capable of doing a stellar job for this property.
But where precisely do real estate investors find funds? A standard lender, say for example a bank, takes no less than one to two months to authorize the loan and hand over the monies. Because most home owners would prefer a fast closing, you might have to start looking for some other funding options.
With banks adding more challenging loan criteria in recent years, it has become harder for a self-employed person to obtain a home loan, especially when his credit rating is not perfect. So will inadequate funding prevent you from sticking to your ambitions? Absolutely not, given that you also have the Fulton, New York hard money loan option.
If you opt for a hard money home loan in Fulton, you'll get what's possibly most important to real estate purchases across the country — a quick closing of about 14 days. Plus, the LTV value can reach up to 70% of the property value, as estimated by a competent appraiser. With loan rates starting at about 10%, hard money real estate loans may look, at first, to be more costly as compared with traditional bank lending products. But in reality, the interest rate is not as pertinent for these loans, given that they are not long-term loans. The price tag on such short-term loans should be looked at on par with any other cost that you would have to meet pertaining to the project. Once you have turned the property or home and have made a good financial gain, you'll be able to recover this expense from the home — just like recuperating the cost of brand-new kitchen appliances that you have put in.
Besides, hard money mortgages are easy qualifying, regardless if you have got less-than-perfect credit. The borrower's credit score isn't the exclusive deciding factor for Fulton hard money lenders — they also examine the property, its market valuation, where it is located, and its capacity to bring back their financial commitment if things should not work out as planned. Adding to that, if the applicant have proven experience in comparable real estate ventures, can place down money for the down payment, and the value of similar properties in the area works in his favor, he stands an excellent shot of being approved to get a hard money real estate loan.
So in case you have stumbled on a really great fixer-upper with a significant probability of returns, you have also discovered a hard money lender in Fulton who is willing to provide financing for your fix and flip venture. Fill out the form on this page or call us to talk about your project.
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