Hard Money Loans in Golf Manor
You discovered this outstanding possibility for rehabbing and flipping this wonderful old property or home in a good part of town and it seems a lot like the one you have been eagerly waiting on for quite some time. Expert residential home flippers, such as the young married couple on Flip or Flop, HGTV's reality flipping show, are capable of generating a profit of $40-$50k on most projects. Naturally, you also recognize that their success can be attributed to the fact that they're industry experts, are knowledgeable in hard money loans, they know the market quite well and furthermore, they know how to work an auction for getting a good deal. Nevertheless, you are certain that your superb rehab and remodeling talents will assist you to do a great job on this project — what's more, you've already lined up one of the most sought after building contractors in town to take care of this project.
But financing is often a separate issue altogether. When you approach a regular lending institution, much like a bank for a mortgage loan, it is more than likely going to take no less than four to eight weeks for your approval to be completed and the money to be dispersed. Since the majority of sellers wish to have a fast closing, you might want to start searching for other financing alternatives.
What's more, should you have a sub-optimal credit situation or do not receive a conventional source of income, it may be tougher for you to qualify for a bank loan, with the tougher loan criteria banks have put in place in recent times. So will a lack of funds prevent you from pursuing your ambitions? Certainly not, because you always have the Golf Manor hard money loan alternative.
A hard money home loan in Golf Manor offers what's deemed crucial to many real estate transactions — a very fast closing of just a 2-3 weeks and at times less. And additionally, financing can be made up to 70% loan-to-value of the as-is home's valuation, as determined by a professional appraiser. On the surface, hard money real estate loans, with starting interest rates of 10%, could be seen as more costly than bank lending options. But the term lengths for these loans tend to be fairly short, which means the interest rate is less important. When it comes to short-term loans of a few years or less, you should look at them the same as you might for any other expense for your project. And as soon as you've finally flipped the home, recouping this expense is identical to recuperating the expense for the bathroom or other updates you performed.
Aside from that, hard money mortgages are easy qualifying, even if you have bad credit. Instead of focusing primarily on the borrower's credit score or wages, Golf Manor hard money lenders, who can be a private company or an individual person, approve a loan after analyzing the property value, its salability, its location, and the odds of recouping their money if they have to foreclose the loan. On top of that, if the borrower can demonstrate past experience in comparable real estate endeavors, can put down money towards the down payment, and the value of comparable homes in the area works in his favor, he will have a very good chance of qualifying to get a hard money real estate loan.
So should you run into a very good and lucrative flipping opportunity, feel comfortable knowing you'll have a hard money lender in Golf Manor, in a position to lend you the money you will need. Fill out the form or call us and let's talk about the property you have in mind.
A loan specialist will be in touch shortly