Hard Money Loans in Greenwood
There's this phenomenal possibility for rehabbing and flipping this wonderful out of date condo in a good location and it seems like the one you have been wanting for quite a while. Expert house flippers, like the young couple on Flip or Flop, HGTV's reality flipping show, are able to bring in a gain of forty to fifty grand for the majority of homes. It's fair to say their rehabbing experience, knowledge of hard money loans, expertise in their housing market, and auction skills have played a big role in their success. Having said that, you have recently been developing your rehab and remodeling knowledge, have got a licensed contractor lined up and are positive that you're capable of doing a bang up job for this house.
But financing can be a different question altogether. A conventional lending institution, say for example a bank, takes at least 1 to 2 months to approve the mortgage and release the capital. With all the home owners wanting a fast closing, that does not appear to be a great idea to you whatsoever.
With banks introducing tougher loan requirements in the past several years, it's become much harder for a self-employed individual to find a home loan, particularly if his credit circumstances are not flawless. So should you stop trying and abandon your dream to venture into real estate? Under no circumstances, particularly while Greenwood hard money loans can help you accomplish many amazing things in the real estate world.
A hard money home loan in Greenwood provides what is probably most desired by real estate investors — a quick closing time period of as little as 2 weeks. Additionally, financing can be made up to 70% loan-to-value of the "as is" home value, as established by a professional appraiser. At first, hard money real estate loans, with starting lending rates of 10%, appear to be more costly than bank financing. But when you consider these loans are not long-term mortgage loans, the interest rate tends to be misleading. As it pertains to short-term loans of a handful of years or less, you should think about them much like you would other expenses for your project. And as soon as you have finally sold the home, recuperating this expense is comparable to recuperating the expense for all the kitchen and bath improvements you performed.
Besides, hard money mortgages are easy qualifying, even if you have got very bad credit. Rather than focusing exclusively on the borrower's credit score or income, Greenwood hard money lenders, who can be a privately owned company or an individual person, say yes to a loan after assessing the property value, ease of marketability, its location, and the odds of recovering their capital in the event of foreclosure. Several other variables that affect an applicant's acceptance for a hard money real estate loan include the amount he can put into a down payment, his previous experience being a real estate investor, and selling price of comparative, recently sold properties in the area.
So should you come across a really good and profitable flipping opportunity, be assured you will have a hard money lender in Greenwood, equipped to lend you the cash you may need. Complete the contact form or give us a call and let's discuss the property you have in mind.
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