Hard Money Loans in Good Hope
A remarkable buy on a fix and flip opportunity in an excellent area of the city all of a sudden shows up — seems too good to be true. You've heard that competent house flippers, like the husband and wife on HGTV's Flip or Flop, enjoy an impressive average return close to forty to fifty thousand dollars. And sure, they are aided in a major way by their professional experience, auction abilities and familiarity with hard money loans. That said, you have likewise been developing your rehab and renovation knowledge, have a licensed contractor ready for the project and are positive that you will be able to do an impressive job on this home.
But where can you obtain the needed capital for flipping? A standard lender, for instance a bank, takes at a minimum 1 to 2 months to authorize the mortgage and hand over the funds. With the home owners wanting a fast closing, that does not seem like a good idea to you at all.
Moreover, should you have an unfavorable credit score or don't have a routine income source, it is usually harder for you to be eligible for bank financing, with the tougher loan guidelines banks have put in place recently. So does this mean you are without an option, but to give up your aspiration of getting into home flipping? Most certainly not, seeing as you always have the
If you decide to apply for a hard money home loan in
Aside from that, hard money mortgages are easy qualifying, even in the event you have poor credit. Instead of focusing only on the person's credit score or source of income,
Finding a hard money lender in
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