Hard Money Loans in Glassport
There's this outstanding opportunity to renovate and flip this nice old home in a good part of town and it seems a lot like the one you've been expecting for quite a while. Everybody knows that expert professional flippers, like Tarek and Christina El Moussa from HGTV's reality flipping program, Fix or Flop, can readily turn an average profit of $40,000 to $50,000 on their home projects. And yes, they are helped in a big way by their professional experience, auction expertise and knowledge of hard money loans. Nonetheless, your rehab and remodeling skills aren't bad either — aside from that, you have already identified the right licensed contractor to tackle this job.
But how do you get the necessary financing for home flipping? Should you get in touch with a regular lender, much like a bank for financing, it's likely going to take, at the very least, four to eight weeks for your acceptance to come through and your funds to be sent out. Since most home owners wish to have a fast closing, it may be advisable to begin searching for other funding alternatives.
On top of this, banks have already been tightening their lending criteria in recent times, making it tough for someone to obtain a typical loan if their credit situation is not perfect or he does not possess a regular salaried job. So must you stop trying and abandon your dream to venture off into real estate? Most certainly not, given that you always have the Glassport hard money loan alternative.
A hard money home loan in Glassport provides what's perhaps most crucial to real estate investors — a fast closing in as few as two weeks. In addition, the LTV value can go up to 70% of the property's valuation, as estimated by a certified appraiser. With lending rates starting near 10%, hard money real estate loans might seem, at first glance, to be more pricey when compared with traditional bank financing. But in reality, the interest rate isn't as useful a measure for these loans, simply because they aren't long-term financing. The price of such short-term loans should be evaluated much like every other financial outlay that you might encounter during the project. After you fix up and sell off the home, recouping this expense is the same as recovering the expense for stainless steel appliances you placed into the place.
Additionally, it is simple to qualify for a hard money mortgage, even when your credit score is not that great. The borrower's credit score is not the lone deciding factor for Glassport hard money lenders — in addition, they examine the property, what is it valued at, its location, and its capacity to return their financial commitment if things should not work out as planned. Adding to this, if the borrower have proven experience in equivalent real estate endeavors, can place down money for a down payment, and the cost of similar homes in the vicinity works in his favor, he will have a really good likelihood of being approved to get a hard money real estate loan.
So in case you have stumbled on a wonderful real estate opportunity with a huge potential for returns, you have also found yourself a hard money lender in Glassport that is ready to provide funding for your fix and flip venture. Enter your info into the form on this page or get in touch with us via phone to discuss the property you have in mind.
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