Hard Money Loans in Glocester
You discovered this phenomenal opportunity to rehab and flip this nice old property in a very good part of town and it looks like the one you've been anticipating for quite some time. Everybody knows that skilled professional flippers, such as Tarek and Christina El Moussa who do HGTV's reality home flipping show, Fix or Flop, can readily make an average profit margin of $40,000 to $50,000 on their home projects. 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 also been developing your rehab and remodeling knowledge, have a very good general contractor ready to go and are positive that you can do an impressive job for this property.
But where precisely do real estate investors obtain money? A typical lending institution, like for example a bank, takes no less than 1 to 2 months to consent to the mortgage and hand over the cash. With the sellers wanting a fast closing, that does not seem like a great idea to you whatsoever.
To add to it, banks have been tightening their lending criteria in recent years, which makes it challenging for people to obtain a regular loan if their credit rating is not perfect or he doesn't have a consistent salaried profession. So will a lack of funding keep you from sticking with your dream? Definitely not, seeing as you also have the Glocester hard money loan option.
A hard money home loan in Glocester boasts what's probably most desired by real estate investors — a very fast closing time of as few as 2 weeks. Furthermore, hard money lenders frequently agree to funding up to 70% LTV of the home value, as assessed by a credentialed third-party appraiser. On the surface, hard money real estate loans, with starting interest rates of 10%, seem to be more pricey than bank loans. But the term lengths for these loans tend to be quite short, which makes the rate far less important. The price of such short-term loans ought to be viewed much like every other financial outlay that you would encounter in the course of the project. When you have sold the house and have made a successful profit, you're able to recover this expense from the house — very much like recuperating the money necessary for the brand-new appliances for the kitchen that you put in.
Besides, hard money mortgages are not hard to qualify for, even in the event you have a low credit rating. Glocester hard money lenders do not take on a loan solely on the basis of the person's credit score — instead they additionally look at the property or home, its value and location, and the home's capability to pay back the financing by itself. Adding to this, if the person have proven experience in comparable real estate projects, can place down money for the down payment, and the value of comparable homes in the area works to his benefit, he stands an excellent chance of being eligible to get a hard money real estate loan.
So if you have stumbled on a wonderful real estate opportunity with a significant potential for returns, you've also found yourself a hard money lender in Glocester who is happy to provide financing for your rehab ventures. Submit the contact form or get in touch with us via phone and let's discuss the property you have in mind.
A loan specialist will be in touch shortly