Hard Money Loans in Glennville
There is this amazing opportunity to renovate and flip this wonderful outdated condo in a very good location and it looks like the deal you have been looking forward to for a long time. You've heard that competent home flippers, much like the husband and wife on HGTV's Flip or Flop, turn a remarkable average return near forty to fifty thousand dollars. It goes without saying their rehabbing experience, understanding of hard money loans, expertise in their housing market, and auction skills have played a big part in their results. Nonetheless, your rehab and remodeling knowledge isn't bad either — aside from that, you have already identified a good contractor to tackle this project.
But funding is usually a different problem altogether. If you meet with a regular lender, such as a bank for a mortgage loan, it likely will take, at a minimum, thirty to sixty days for your acceptance to be completed and your money to be furnished. So if you happen to be wishing for a fast closing, it is important you recognize that this could set you back by a couple weeks, causing you to miss out on the opportunity.
On top of this, banks have already been tightening up their lending criteria as of late, making it difficult for a person to get a conventional home loan if their credit rating is not flawless or he is lacking a consistent salaried occupation. So will a lack of funding prevent you from following your dream? Certainly not, given that you also have the Glennville hard money loan alternative.
A hard money home loan in Glennville provides what's viewed as essential to many real estate sales — a very fast closing of only a 2-3 weeks and sometimes even less. In addition, the LTV value can go up to 70% of the property value, as determined by a certified appraiser. With lending rates starting near 10%, hard money real estate loans might seem, at first glance, to be more pricey compared to traditional bank lending products. But in reality, the interest rate is not as pertinent for these loans, because they will never be long-term loans. When it comes to short-term loans of 1 or 2 years or even less, you should consider them identical to every other expenditure for the project. Right after you fix up and resell the home, recouping this expense is no different than recuperating the one for stainless steel appliances you installed in the place.
Aside from that, hard money mortgages are easy qualifying, even in the event you posses a low credit score. The customer's credit score isn't the single determining factor for Glennville hard money lenders — they also consider the property, its market value, its location, and its capacity to bring back their investment if things should not work out as intended. The total amount that a borrower can put upfront for the property or home, how much practical experience he has in real estate investing, and selling price of comparative properties in the same neighborhood are other factors that go into determining a borrower's eligibility for a hard money real estate loan.
If you happen to have stumbled on an excellent real estate opportunity with a high prospect of returns, you've also stumbled upon a hard money lender in Glennville that is willing to provide funding for your flipping project. Fill out the form or give us a call and let's discuss the property you have in mind.
A loan specialist will be in touch shortly