Hard Money Loans in Griffin
There's this phenomenal possibility for fixing and flipping this nice outdated property in a very good area and it seems like the deal you have been eagerly waiting on for quite a while. You've heard that veteran home flippers, such as the couple on HGTV's Flip or Flop, turn an impressive average return close to $40,000 – $50,000. Undoubtedly, you also are aware that their results are attributed to the simple fact that they're industry experts, are knowledgeable in hard money loans, they understand market trends quite well and they also are good at working an auction to purchase their houses at an appropriate deal. However, you are assured that your impressive rehab and renovation talents will help you do an outstanding job for this property — in addition, you've already arranged to have one of the best general contractors in the area to take care of the project.
But how exactly do real estate investors find capital? Should you opt for an ordinary loan from the bank, you will have to wait roughly 1-2 months until eventually the mortgage loan is authorized and the funds are accessible. Because most home owners favor a fast closing, you might want to begin looking for other funding options.
With banks introducing harder loan guidelines in the last few years, it is much harder for a self-employed individual to obtain a home loan, particularly if his credit circumstances are not perfect. So will a lack of funding keep you from sticking with your aspirations? Certainly not, seeing as you also have the Griffin hard money loan option.
When you get a hard money home loan in Griffin, you're going to get what is perhaps most essential to real estate offers throughout the country — a fast closing of about fourteen days. Furthermore, hard money lenders are able to do loans up to 70% LTV of the property or home value, as assessed by a professional third-party appraiser. With loan rates starting at about 10%, hard money real estate loans may seem, initially, to be more pricey as compared with traditional bank lending products. But in reality, the rate of interest isn't as relevant for these loans, given that they are not long-term loans. As it pertains to short-term loans of one or two years or even less, you should look at them identical to any other expenditure for the project. Once you have sold the property or home and have made a positive return, you'll be able to reclaim this expense from the home — very much like recuperating the money necessary for the brand-new home appliances that you've put in.
In addition, even someone with poor credit can still be eligible for a hard money mortgage. Griffin hard money lenders do not approve a loan strictly according to the applicant's credit score — instead they will look at the property or home, its value and location, and the property's ability to pay back the financing without the assistance of the applicant. Additional factors that influence a customer's approval for a hard money real estate loan include what amount of money he can put into a down payment, his prior experience as a real estate investor, and price range of comparative, fairly recently sold properties nearby.
So should you come across a very good and worthwhile flipping opportunity, relax knowing you'll have a hard money lender in Griffin, willing to lend you the funds you need. Fill out the contact form on this page or call us to talk about your property.
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