Hard Money Loans in Greenville
A remarkable 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 competent property flippers, such as the husband and wife on HGTV's Flip or Flop, turn an impressive average return close to $40,000 – $50,000. And without a doubt, they are aided in a big way by their professional know-how, auction expertise and familiarity with hard money loans. Still, your rehab and renovation skills aren't bad either — besides, you've already located the right general contractor to handle the job.
But how can you find the necessary financing for flipping? If you meet with a regular lender, like a bank for funding, it is in all likelihood going to take no less than thirty to sixty days for your approval to be completed and the funds to be furnished. So if you will be wishing for a fast closing, it's important to be aware that this may set you back by a few weeks, causing you to lose out on the opportunity.
With banks introducing tougher loan requirements in recent years, it has become more challenging for a self-employed individual to get a mortgage loan, particularly if his credit situation is not optimal. So does that leave you with no option, but to drop your dream to venture into home flipping? By no means, because you could always use the Greenville hard money loan approach to pay for your rehab project.
A hard money home loan in Greenville offers you what's deemed vital to many real estate transactions — a quick closing of only a couple of weeks and at many times even less. What's more, the LTV value can range up to 70% of the home's valuation, as evaluated by a competent appraiser. With the interest rates starting out at about 10%, hard money real estate loans may seem, at first glance, to be more pricey when compared with conventional bank loans. But the term lengths for these loans tend to be comparatively shorter, making the interest rate far less important. The cost of such short-term loans ought to be considered much like any other cost that you would have to meet for the project. And when you've sold the home, recouping this expense is comparable to recovering the expense for the kitchen and bath updates you performed.
Furthermore, even a person with weak credit can easily be eligible for a hard money mortgage. The customer's credit score isn't the lone deciding factor for Greenville hard money lenders — additionally, they examine the house, how much it is worth, where it is located, and its capacity to return their financial commitment if things do not go as intended. Other factors that impact a borrower's acceptance for a hard money real estate loan include the amount he is in a position to put into a down payment, his previous experience as a real estate investor, and price of similar, just recently sold properties in the vicinity.
So any time you come across a really good and lucrative flipping opportunity, rest assured you'll have a hard money lender in Greenville, able to loan you the cash you'll need. Submit the form on this page or get in touch with us via phone and let's discuss your project.
A loan specialist will be in touch shortly