Hard Money Loans in Galveston
There is this outstanding opportunity to rehab and flip this wonderful outdated condo in a very good area and it seems a lot like the one you have been looking forward to for a long time. Professional residential home flippers, similar to the young couple on Flip or Flop, HGTV's reality flipping show, are capable of generating a profit of forty to fifty grand for most homes. And sure, they are aided in a major way due to their professional knowledge, auction abilities and understanding of hard money loans. Nonetheless, your rehab and remodeling skills aren't bad either — aside from that, you have already located a suitable building contractor to take on this project.
But where precisely can real estate investors get money? In the event you opt for a traditional loan from the bank, you will need to wait somewhere around 30-60 days up until the mortgage loan is approved and the funds are ready to go. Due to the fact all the home owners are wanting to find a fast closing, that doesn't appear to be a good option to you in the slightest.
Moreover, if you have a less-than-perfect credit rating or don't have a routine income, it usually is more challenging for you to be eligible for a a bank loan, seeing the more stringent loan requirements banks have issued in recent times. So should you admit defeat and abandon your ambition to embark into real estate? Not at all, particularly when Galveston hard money loans will assist you to realize many amazing things in the real estate world.
A hard money home loan in Galveston provides you with what is perhaps most important to real estate investors — a very fast closing in as little as 2 weeks. Plus, the LTV value can reach up to 70% of the property's valuation, as evaluated by a competent appraiser. With the lending rates starting near 10%, hard money real estate loans may look, at first glance, to be higher priced as compared with traditional bank lending products. But the time frames of these loans tend to be relatively short, which means the interest rate is less important. The price tag on such short-term loans ought to be considered much like every other expense that you would have to meet for the project. When you have sold the property and have made a good profit, you'll be able to get back this expense from the property — much like recouping the money spent on the brand-new appliances for the kitchen that you installed.
Aside from that, hard money mortgages are easy qualifying, regardless if you have below-average credit. Galveston hard money lenders do not take on a loan solely according to the borrower's credit score — instead they additionally evaluate the home, its location and value, and the home's capability to pay back the loan without the help of the borrower. Adding to that, if the borrower have proven experience in equivalent real estate projects, can place down cash towards a down payment, and the value of comparable homes in the neighborhood works in his favor, he stands a good likelihood of qualifying for a hard money real estate loan.
So if you have found a really great real estate opportunity with a high probability of returns, you have also found yourself a hard money lender in Galveston that is ready to finance your flipping project. Submit the contact form or call us to discuss the project you have in mind.
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