Hard Money Loans in Galena Park
You discovered this outstanding opportunity to rehab and flip this nice outdated property in a good location and it looks a lot like the deal you've been wanting for a long time. A majority of people know that knowledgeable professional flippers, such as Tarek and Christina El Moussa who star in HGTV's reality home flipping series, Fix or Flop, can turn an average profit of forty to fifty thousand dollars when they flip properties. And indeed, they are helped in a big way due to their professional know-how, auction skills and familiarity with hard money loans. That said, you have recently been brushing up your rehab and renovation skills, have got a contractor arranged and are certain that you will be able to do an impressive job on this property.
But where do real estate investors obtain money? For those who apply for a conventional loan from the bank, you will need to wait somewhere around 4-8 weeks up until the time the financing is approved and the funding is readily available. With the home owners looking for a fast closing, that does not seem like a good option to you at all.
To add to it, banks have already been tightening up their lending criteria in recent years, which makes it difficult for people to receive an ordinary home loan if their credit situation is not flawless or he does not have a consistent salaried job. So should you give up and abandon your aspiration to embark into fix and flips? By no means, because you can always go the Galena Park hard money loan route to pay for your home renovating project.
A hard money home loan in Galena Park offers you what's regarded as vital to many real estate transactions — a fast closing of just a couple of weeks and at times even less. And additionally, loan amounts can be made up to 70% loan-to-value of the "as is" house value, as deemed by a professional appraiser. On the surface, hard money real estate loans, with starting lending rates of 10%, appear to be more pricey than bank lending products. But if you appreciate that these loans are not long-term loans, the rate can be misleading. The price tag on such short-term loans should be considered much like any other financial outlay that you will have to meet pertaining to the project. Once you've resold the property and have made a good gain, you can reclaim this expense from the house — the same as recuperating the cost of brand-new home appliances that you've installed.
Moreover, even someone with poor credit can easily be eligible for a hard money mortgage. The borrower's credit score will not be the sole deciding factor for Galena Park hard money lenders — they also examine the property, its market value, where it is located, and its capacity to bring back their financial commitment if things should not work out as intended. How much an applicant can put down in advance for the home, his real estate experience, and selling price of equivalent homes in the same neighborhood are other details that go into establishing a person's eligibility for a hard money real estate loan.
Locating a hard money lender in Galena Park to fund your fix and flip endeavor is not difficult, so long as the opportunity that lies ahead of you is promising and offers a good prospect for returns. Submit the contact form on this page or call us to discuss your property.
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