Hard Money Loans in Glens Falls
A fabulous bargain on a fix and flip property located in an excellent subdivision suddenly turns up — seems too good to be true. You've heard that veteran house flippers, like the married couple on HGTV's Flip or Flop, have an impressive average profit close to forty to fifty thousand dollars. Naturally, you also recognize that their successes can be credited to the fact that they're professionals, are proficient in hard money loans, they know market trends quite well and furthermore, they know how to work a public auction for getting a reasonable price. Still, your rehab and renovation skills aren't bad either — aside from that, you've already found a suitable building contractor to take on the home.
But capital can be a different problem altogether. If you get in touch with a common lender, much like a bank for a mortgage loan, it's very likely going to take at least 4-8 weeks for your approval to be completed and the money to be accessible. Since most sellers wish to have a fast closing, it may be best to begin searching for additional funding options.
Moreover, if you have a less-than-perfect credit score or do not receive a consistent income, it may be harder for you to obtain a bank loan, considering the tougher loan requirements banks have put in place as of late. So must you admit defeat and abandon your desire to venture off into real estate? Most certainly not, given that you always have the Glens Falls, New York hard money loan alternative.
A hard money home loan in Glens Falls provides you with what is possibly most crucial to real estate investors — a quick closing time period of as little as 14 days. In addition, the LTV value can go up to 70% of the property's valuation, as determined by a certified appraiser. With the rates starting off around 10%, hard money real estate loans may seem, at first, to be more pricey compared to conventional bank loans. But the term lengths for these loans are comparatively shorter, making the interest rate far less significant. As it pertains to short-term loans of 1 or 2 years or even less, you should consider them similar to any sort of other expenditure for your project. Once you've turned the property or home and have made a successful financial gain, you can reclaim this expense from the house — much like recuperating the money necessary for the brand-new appliances for the kitchen that you have installed.
In addition, even an individual with poor credit can easily qualify for a hard money mortgage. The applicant's credit score is not the single deciding factor for Glens Falls hard money lenders — additionally, they look at the property, how much it is worth, where it is located, and its potential to return their investment if everything does not work out as planned. Other criteria that influence a borrower's eligibility for a hard money real estate loan can include how much he can put towards a down payment, his prior experience as a real estate investor, and price range of comparative, just recently sold residences in the area.
So in case you have stumbled on a really great fixer-upper with a high probability of returns, you've also discovered a hard money lender in Glens Falls that is happy to finance your rehab ventures. Complete the form or give us a call and let's talk about your property.
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