Hard Money Loans in Greenville
Suppose that you've stumbled upon this truly good bargain for a fix and flip property in a terrific neighborhood, and you are either an experienced real estate investor or a newbie who really wants to try his hand at flipping. Expert house flippers, such as the young married couple on Flip or Flop, HGTV's reality flipping program, are able to haul in a gain of forty to fifty grand on average. No need to explain that their rehabbing experience, knowledge of hard money loans, expertise in their market, and auction talents have been large factors to their successes. Having said that, you have recently been cultivating your rehab and renovation skills, have got a contractor ready to go and are positive that you're capable of doing a great job on this house.
But how exactly can real estate investors obtain funding? Should you approach a common lending institution, like a bank for a mortgage loan, it in all likelihood will take, as a minimum, 30-60 days for your approval to be completed and the funds to be sent out. So if you're wishing for a fast closing, you have to recognize that this may set you back by weeks, making you lose out on the sale.
Moreover, should you have a sub-optimal credit situation or don't have a consistent income, it usually is harder for you to obtain a bank loan, seeing the stricter loan criteria banks have issued of late. So do you have to give up and abandon your aspiration to get into fix and flips? By no means, especially while Greenville hard money loans can help you accomplish many amazing things in the real estate market.
A hard money home loan in Greenville provides what is perhaps most crucial to real estate investors — a quick closing time period of as little as 2 weeks. Additionally, loans can be done for up to 70% loan-to-value of the as-is value, as deemed by a qualified appraiser. With the loan rates starting off at about 10%, hard money real estate loans may appear, at first glance, to be higher in price in comparison with conventional bank loans. But the lengths of these loans tend to be much shorter, making the rate far less significant. When it comes to short-term loans of one or two years or even less, you should think about them just like you would other expenses for the project. When you have turned the property and have made a positive profit, you're able to recover this expense from the home — just like recouping the money necessary for the brand-new kitchen appliances that you've installed.
Aside from that, hard money mortgages are easy qualifying, whether or not you have bad credit. Rather than focusing strictly on the person's credit score or net income, Greenville hard money lenders, who could be a privately owned company or an individual person, approve a loan after analyzing the property value, ease of marketability, where it is located, and the odds of recovering their money in the event of foreclosure. How much money an applicant can put upfront towards the home, how much practical experience he has in real estate investments, and selling price of comparable properties in the vicinity are various other details that go into analyzing an applicant's eligibility for a hard money real estate loan.
Searching for a hard money lender in Greenville to finance your flipping business is not difficult, so long as the opportunity before you is promising and offers the right prospect for returns. Complete the form on this page or give us a call to talk about the project you have in mind.
A loan specialist will be in touch shortly