Hard Money Loans in Greensboro

An incredible bargain on a fix and flip opportunity in a nice subdivision shows up out of the blue — sounds too good to be true. You may have heard that veteran property flippers, such as the couple on HGTV's Flip or Flop, enjoy an impressive average profit of around $40,000 – $50,000. And indeed, they are aided in a major way via their professional experience, auction abilities and knowledge of hard money loans. However, you are assured that your impressive rehab and remodeling knowledge can help you do an outstanding job on this property — in addition, you already have arranged to have one of the most suggested general contractors in the area to take care of this project.

But funding is usually a different issue altogether. In the event you approach a standard lender, much like a bank for funding, it can take, at a minimum, 30-60 days for the approval to be completed and the money to be dispersed. So if you're looking for a fast closing, you must realize that this will cost you a few weeks, making you miss out on the home.

On top of this, banks have been tightening up their lending requirements in recent years, rendering it more tough for someone to get a conventional home loan if their credit rating is not perfect or he does not have a consistent salaried occupation. So does this leave you with no other option, but to abandon your ambition of venturing into flipping? Absolutely not, because you also have the hard money loan option.

If you apply for a hard money home loan in , you have access to what's possibly most vital to real estate offers throughout the country — a very fast closing of approximately two weeks. Further, loans are made up to 70% loan-to-value of the "as is" house value, as established by a professional appraiser. A number of people believe hard money real estate loans to be costlier than regular financing, since the interest rates for such loans typically start off at 10%. But the time frames of these loans are comparatively shorter, which means the interest rate is less important. As it pertains to short-term loans of 1 or 2 years or less, you should think about them the same as you might for any other expense for your project. Right after you renovate and resell the home, recovering this expense is the same as recovering the expense for home appliances you placed into the property.

Besides, hard money mortgages are easy qualifying, even if you have less-than-perfect credit. Instead of focusing primarily on the applicant's credit score or net income, hard money lenders, who could be a privately owned company or an individual person, say yes to a loan as a result of evaluating the property value, how easy it will be to market, its location, and the odds of recouping their capital in case they have to foreclose the loan. How much of their own money a person can put down beforehand for the property or home, his real estate experience, and price range of equivalent homes in the vicinity are other details that go into determining a person's eligibility for a hard money real estate loan.

Searching for a hard money lender in to help with expenses for your flipping business is not very challenging, assuming that the opportunity in front of you is promising and boasts a good potential for returns. Fill out the form on this page or get in touch with us via phone and let's talk about the property you have in mind.

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Investment property loans only please, no primary residences at this time.