Hard Money Loans in Granite Shoals
You discovered this outstanding opportunity to renovate and flip this nice out of date house in a very good location and it seems like the deal you have been looking forward to for quite a while. Expert residential home flippers, such as the young couple on Flip or Flop, HGTV's reality flipping series, are able to bring in a gain of forty to fifty grand for most homes. It goes without saying their rehabbing experience, knowledge of hard money loans, familiarity with the housing market, and auction skills have been large factors to their successes. Having said that, you have recently been developing your rehab and renovation knowledge, have got a general contractor arranged and are certain that you can do a stellar job for this house.
But how exactly do real estate investors get funding? When you go after an ordinary loan from the bank, you will end up waiting around somewhere around 30-60 days before the financing is approved and the funds are available. Thus if you happen to be wishing for a fast closing, it is important to understand or know that this could set you back by a few weeks, causing you to miss out on the sale.
Furthermore, should you have an unfavorable credit rating or don't have a regular income source, it may be more challenging for you to obtain bank financing, seeing the tougher loan criteria banks have put in place as of late. So do you have to admit defeat and abandon your desire to embark into real estate? Definitely not, given that you always have the Granite Shoals hard money loan option.
A hard money home loan in Granite Shoals provides you with what is probably most desired by real estate investors — a quick closing time of as little as fourteen days. In addition, the LTV value can range up to 70% of the property's valuation, as estimated by a certified appraiser. A number of people regard hard money real estate loans to be more costly than customary financing, since the interest rates of such loans usually start off at 10%. But if you consider these are not long-term mortgage loans, the rate can be misleading. The cost of such short-term loans should be viewed on par with every other cost that you will encounter during the project. And once you've flipped the house, recuperating this expense is identical to recuperating the expense for the kitchen and bath improvements you performed.
Furthermore, even a person with bad credit will be able to be eligible for a hard money mortgage. The applicant's credit score will not be the sole deciding factor for Granite Shoals hard money lenders — they also analyze the piece of real estate, how much it is worth, its location, and its capacity to bring back their financial commitment if everything does not work out as intended. Other criteria that influence an individual's eligibility for a hard money real estate loan can include the amount he is able to put into a down payment, his prior experience as a real estate investor, and price of comparable, just recently sold homes in the neighborhood.
So if you have stumbled upon a wonderful real estate opportunity with a high prospect of returns, you've also stumbled upon a hard money lender in Granite Shoals who's ready to provide funding for your fix and flip project. Submit the contact form on this page or give us a call and let's discuss the property you have in mind.
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