Hard Money Loans in Granville
There is this outstanding possibility for fixing and flipping this wonderful out of date home in a very good part of town and it seems like the one you've been wanting for quite a while. You've heard that professional house flippers, much like the couple on HGTV's Flip or Flop, turn a remarkable average return of around $40,000 – $50,000. And yes, they are helped in a big way via their professional know-how, auction expertise and knowledge of hard money loans. Having said that, you have recently been brushing up your rehab and remodeling knowledge, have a licensed contractor lined up and are certain that you're capable of doing an impressive job for this home.
But how can you obtain the necessary capital for flipping? A standard lender, say for example a bank, takes no less than 1-2 months to authorize the mortgage and deliver the funds. With the sellers wanting a fast closing, that does not appear like a wise idea to you in the slightest.
To add to it, banks have already been tightening their lending criteria in recent times, rendering it more challenging for someone to obtain a regular loan if their credit situation is not flawless or he does not possess a regular salaried job. So do you have to admit defeat and forego your ambition to venture off into real estate? Certainly not, on the grounds that you could always go the Granville hard money loan route to fund your home flipping project.
A hard money home loan in Granville provides what's regarded as vital to most real estate sales — a quick closing of just a few weeks and more often than not even less. Further, financing is made up to 70% loan-to-value of the as-is property value, as deemed by a professional appraiser. At first, hard money real estate loans, with starting interest rates of 10%, seem to be higher priced than bank lending options. But when you understand these are not long-term loans, the rate of interest can be misleading. The price of such short-term loans should be evaluated on par with any other cost that you will encounter during the project. Once you have turned the home and have made a successful return, you'll be able to get back this expense from the property or home — similar to recuperating the money necessary for the brand-new home appliances that you installed.
Besides, hard money mortgages are not difficult to qualify for, even in the event you have got bad credit. Granville hard money lenders don't authorize a loan solely according to the borrower's credit score — instead they will examine the property, its location and value, and the home's capability to pay back the financing by itself. Adding to this, if the applicant have proven experience in comparable real estate projects, can put down cash towards the down payment, and the cost of comparable houses in the vicinity works in his favor, he stands a very good chance of qualifying to get a hard money real estate loan.
So in the event you run into a really good and worthwhile flipping opportunity, relax knowing you'll have a hard money lender in Granville, willing to loan you the capital that you need. Enter your info into the contact form on this page or get in touch with us via phone and let's discuss the project you have in mind.
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