Hard Money Loans in Green Oaks
An incredible deal on a fix and flip property in an excellent subdivision all of a sudden shows up — seems too good to be true. Expert home flippers, much like the young couple on Flip or Flop, HGTV's reality flipping show, are able to bring in a gain of $40-$50k on a consistent basis. And indeed, they are helped in a major way due to their professional knowledge, auction skills and understanding of hard money loans. Still, your rehab and renovation skills aren't bad either — in any case, you have already located an ideal building contractor to handle the project.
But money is usually a separate question entirely. A traditional lender, like for example a bank, takes a minimum of one to two months to approve the loan and provide the monies. So if you happen to be anticipating a fast closing, you have to understand or know that this will set you back by a few weeks, making you miss out on the opportunity.
On top of this, banks have been tightening up their lending criteria in recent years, which makes it difficult for a person to receive a regular loan if their credit circumstances are not perfect or he is lacking a consistent salaried job. So will inadequate financing keep you from following your aspirations? Certainly not, due to the fact you can always go the Green Oaks hard money loan route to pay for your home renovating project.
A hard money home loan in Green Oaks can provide what is considered imperative to most real estate sales — a very fast closing of just a couple of weeks and at many times even less. Plus, the LTV value can go up to 70% of the property value, as estimated by a certified appraiser. Some people regard hard money real estate loans to be higher priced than standard loans, because the lending rates for such loans usually start off at 10%. But if you appreciate that these loans are not long-term mortgage loans, the interest rate may be misleading. As it pertains to short-term loans of a few years or even less, you should look at them the same as you would for every other expense for your project. After you fix up and sell off the property, recovering this expense is the same as recouping the expense for home appliances you placed into the house.
What's more, it's simple to obtain a hard money mortgage, even when your credit rating is not that great. The customer's credit score is not the primary deciding factor for Green Oaks hard money lenders — in addition, they look at the piece of real estate, its market value, its location, and its ability to earn back their investment if things should not work out as intended. The amount that a person can put down in advance towards the property, his real estate experience, and selling price of equivalent homes in the same vicinity are various other factors that go into analyzing a person's suitability for a hard money real estate loan.
So should you come across a really good and worthwhile investment opportunity, relax knowing you will have a hard money lender in Green Oaks, ready to lend you the capital you need. Fill out the contact form on this page or call us and let's talk about your project.
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