Hard Money Loans in Greenville
Imagine you've stumbled upon this truly good bargain on a fix and flip property in a great neighborhood, and you happen to be either an experienced real estate investor or a newbie who is looking to try his hand at flipping. Professional residential home flippers, like the young couple on Flip or Flop, HGTV's reality flipping program, are able to earn a profit of $40-$50k on most projects. Undoubtedly, you also know that their great results are due to the simple fact that they are industry experts, are proficient in hard money loans, they understand the marketplace quite well and furthermore, they know how to work an auction to buy their houses at a good price. Nevertheless, you are convinced that your first class rehab and renovation talents will assist you to do a quality job on the property — what's more, you already have arranged to have one of the most sought after building contractors in town to handle this job.
But financing is often a separate issue entirely. Should you meet with a regular lending institution, much like a bank for financing, it in all likelihood will take, at a minimum, 30-60 days for the acceptance to come through and the funds to be accessible. Due to the fact the sellers want a fast closing, that doesn't seem like a great idea to you in the slightest.
With banks establishing tougher loan standards in the past few years, it is tougher for a self-employed individual to find a mortgage loan, especially if his credit rating is not flawless. So does that mean you are without an option, but to abandon your ambition of venturing into home flipping? By no means, due to the fact you can always use the
A hard money home loan in
What's more, it's simple to qualify for a hard money mortgage, even in the event your credit situation is not that great.
Finding a hard money lender in
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