Hard Money Loans in Great Neck
Suppose that you've run across this truly good deal for a fix and flip property in a great location, and you are either a seasoned real estate investor or a newbie who hopes to try out flipping homes. You've probably heard that competent house flippers, much like the husband and wife on HGTV's Flip or Flop, enjoy an impressive average return near $40,000 – $50,000. Without question, their rehabbing experience, understanding of hard money loans, familiarity with the housing market, and auction skills have played an important role in their results. However, you're assured that your impressive rehab and renovation talents will help you do a quality job on the project — what's more, you've already lined up one of the premier building contractors in town to work on this project.
But where precisely can real estate investors obtain funds? A typical lending institution, like for example a bank, takes at the very least 1 to 2 months to approve the mortgage and deliver the cash. Considering that the sellers are seeking a fast closing, that does not appear like a great idea to you whatsoever.
As well as this, if you have an unfavorable credit rating or do not have a consistent income source, it usually is harder for you to obtain a bank loan, seeing the tighter loan guidelines banks have introduced in recent times. So will a lack of financing keep you from sticking with your ambitions? Definitely not, seeing as you always have the Great Neck, New York hard money loan option.
A hard money home loan in Great Neck provides you with what is perhaps most essential to real estate investors — a quick closing in as little as a few weeks. Furthermore, hard money lenders will often consent to lending up to 70% LTV of the property or home's valuation, as assessed by a credentialed third-party evaluation. Some individuals regard hard money real estate loans to be more pricey than standard financing, since the lending rates for such loans commonly start at 10%. But in reality, the rate of interest is not as useful a measure for these loans, simply because they will never be long-term loans. As it pertains to short-term loans of a few years or even less, you should think about them similar to any sort of other expenditure for your project. Right after you remodel and sell off the home, recuperating this expense is no different than recouping the expense for home appliances you installed in the home.
Moreover, even someone with bad credit will be able to qualify for a hard money mortgage. As an alternative for focusing strictly on the person's credit score or net income, Great Neck hard money lenders, who may be a private company or an individual, say yes to a loan after evaluating the home value, how easy it will be to market, where it is located, and the possibility of getting back their money in case of foreclosure. On top of this, if the individual can demonstrate past experience in comparable real estate projects, can put down cash for the down payment, and the value of similar houses in the neighborhood works in his favor, he stands a good chance of qualifying for a hard money real estate loan.
Searching for a hard money lender in Great Neck to finance your flipping business is not hard, provided that the opportunity that lies before you is promising and possesses a strong prospect for returns. Submit the form or call us and let's discuss your property.
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