Hard Money Loans in Granby
There's this amazing opportunity to fix and flip this nice outdated home in a fantastic area and it looks a lot like the one you've been looking forward to for quite a while. A majority of people know that capable professional flippers, such as Tarek and Christina El Moussa from HGTV's reality home flipping program, Fix or Flop, are able to turn a typical profit of forty to fifty thousand dollars when they flip properties. Without question, their rehabbing experience, knowledge of hard money loans, expertise in their market, and auction talents have had a big role in their success. That said, you have also been cultivating your rehab and renovation knowledge, have a licensed contractor ready for the project and are certain that you will be able to do an impressive job on this home.
But capital can be a different question entirely. A typical lender, say for example a bank, takes no less than one to two months to consent to the financing and provide the funds. With all the home owners wanting a fast closing, that does not appear to be a good option to you at all.
Furthermore, for those who have an unfavorable credit situation or do not have a regular income source, it may be tougher to qualify for bank financing, with the tougher loan guidelines banks have introduced of late. So does this leave you with no other option, but to give up your aspiration to venture into home flipping? Certainly not, seeing as you always have the Granby, Massachusetts hard money loan alternative.
A hard money home loan in Granby gives you what's possibly most crucial to real estate investors — a fast closing time of as few as 14 days. Aside from that, loan amounts can be made up to 70% loan-to-value of the "as is" house's valuation, as calculated by a professional appraiser. Some people regard hard money real estate loans to be more expensive than standard loans, because the interest rates for such loans normally start off at 10%. But once you consider these are not long-term mortgage loans, the rate tends to be misleading. The price tag on such short-term loans should be considered much like every other cost that you would need to meet for the project. Once you've turned the house and have made a good return, you'll be able to reclaim this expense from the property — just like recuperating the cost of brand-new kitchen appliances that you put in.
Moreover, even a person with low credit can easily qualify for a hard money mortgage. The applicant's credit score will not be the primary determining factor for Granby hard money lenders — they also analyze the piece of real estate, its market valuation, its location, and its capability to earn back their investment if everything does not go as planned. On top of that, if the individual can demonstrate prior experience in equivalent real estate projects, can put down money for a down payment, and the value of equivalent houses in the vicinity works to his benefit, he will have an excellent shot of qualifying to get a hard money real estate loan.
So in the event you come across an outstanding and worthwhile flipping opportunity, relax knowing you'll have a hard money lender in Granby, prepared to lend you the capital you'll need. Submit the contact form or get in touch with us via phone and let's discuss your property.
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