Hard Money Loans in Gretna
You discovered this amazing opportunity to renovate and flip this nice outdated house in a good part of town and it seems a lot like the one you've been anticipating for quite a while. You've heard that competent house flippers, like the couple on HGTV's Flip or Flop, turn an impressive average profit margin near forty to fifty thousand dollars. And sure, they are helped in a big way by their professional knowledge, auction expertise and familiarity with hard money loans. Nonetheless, your rehab and remodeling skills aren't that bad either — aside from that, you've already found an ideal building contractor to handle the job.
But money is usually a separate question entirely. For those who meet with a regular lender, such as a bank for a loan, it's in all likelihood going to take no less than 4-8 weeks for the approval to come through and the funds to be given out. Considering that all the sellers are seeking a fast closing, that doesn't appear to be a good option to you whatsoever.
On top of this, banks have been tightening up their lending standards in recent years, making it difficult for a person to get a typical loan if their credit rating is not perfect or he does not have a regular salaried occupation. So do you have to admit defeat and forego your aspiration to venture off into real estate? Not at all, especially while Gretna hard money loans enable you to realize great things in the real estate market.
If you should apply for a hard money home loan in Gretna, you have access to what is probably most important to real estate purchases throughout the country — a very fast closing of about 2 weeks. Aside from that, loans can be made up to 70% loan-to-value of the as-is value, as calculated by a licensed appraiser. With interest rates starting out near 10%, hard money real estate loans may look, at first glance, to be higher priced when compared with traditional bank financing. But usually, the lending rate is not as relevant for these loans, given that they are not long-term financing. When it comes to short-term loans of several years or even less, you should think of them the same as you might for every other expense for your project. And when you've finally turned the property or home, recovering this expense is comparable to recouping the expense for the bathroom or other updates you did.
Additionally, it is easy to qualify for a hard money mortgage, even in the event your credit score is not that superb. The borrower's credit score will not be the primary determining factor for Gretna hard money lenders — they also look at the piece of real estate, what is it valued at, where it is located, and its capability to return their financial commitment if things should not work out as intended. On top of this, if the borrower have proven experience in similar real estate projects, can put down money for the down payment, and the price of comparable properties in the area works to his benefit, he has got a good shot of qualifying for a hard money real estate loan.
If you happen to have found a wonderful fixer-upper with a huge probability of returns, you've also found yourself a hard money lender in Gretna that's willing to provide funding for your flipping ventures. Complete the contact form on this page or get in touch with us via phone and let's talk about the property or properties you have in mind.
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