Hard Money Loans in Greer
Suppose you've run into this excellent deal on a fix and flip property located in a great neighborhood, and you're either a seasoned real estate investor or a first-timer who is looking to try his hand at flipping. Everybody knows that skilled professional flippers, such as Tarek and Christina El Moussa who do HGTV's reality flipping series, Fix or Flop, are able to earn an average profit of forty to fifty thousand dollars on their flips. And without a doubt, they are helped in a major way by their professional know-how, auction expertise and familiarity with hard money loans. Having said that, you've also been developing your rehab and remodeling skills, have got a general contractor ready for the project and are positive that you're capable of doing a great job for this property.
But where do you obtain the needed funding for flipping? If you get in touch with a regular lender, like a bank for a mortgage loan, it can take, at a minimum, 30-60 days for the acceptance to be completed and the funds to be dispersed. Given that sellers prefer a fast closing, you may have to start searching for additional financing alternatives.
On top of this, banks have already been tightening up their lending requirements in recent years, rendering it more difficult for someone to receive a typical home loan if their credit rating is not flawless or he does not have a consistent salaried profession. So will a lack of funds prevent you from pursuing your dream? Definitely not, because you always have the Greer hard money loan alternative.
A hard money home loan in Greer gives you what's possibly most sought after by real estate investors — a quick closing in as few as fourteen days. And additionally, financing can be done for up to 70% loan-to-value of the "as is" value, as deemed by a qualified appraiser. At first, hard money real estate loans, with starting lending rates of 10%, could be seen as more costly than bank lending products. But in reality, the lending rate is not as pertinent for these loans, simply because they will never be long-term financing. The price of such short-term loans ought to be viewed on par with every other financial outlay that you would encounter during the project. After you remodel and sell off the property, recouping this expense is no different than recovering the expense for stainless steel appliances you placed into the property.
Apart from this, hard money mortgages are not difficult to qualify for, even if you have poor credit. The customer's credit score will not be the primary determining factor for Greer hard money lenders — additionally, they look at the piece of real estate, its market value, its location, and its potential to bring back their investment if everything does not work out as planned. Adding to that, if the person have proven experience in comparable real estate endeavors, can put down money towards the down payment, and the price of comparable homes in the neighborhood works in his favor, he stands an excellent chance of being approved to obtain a hard money real estate loan.
Finding a hard money lender in Greer to fund your renovation project is not hard, so long as the opportunity in front of you is promising and boasts a good prospect for returns. Fill out the contact form or give us a call and let's discuss your property or properties.
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