Hard Money Loans in Harrison
You discovered this amazing opportunity to fix and flip this nice out of date home in a very good part of town and it looks a lot like the one you've been looking forward to for a long time. Most folks know that expert professional flippers, such as Tarek and Christina El Moussa who star in HGTV's reality flipping show, Fix or Flop, can earn a typical profit of forty to fifty thousand dollars on their flips. And without a doubt, they are helped in a major way via their professional experience, auction expertise and understanding of hard money loans. However, you're convinced that your superb rehab and remodeling talents will help you do a great job on this property — additionally, you already have lined up one of the most sought after contractors in town to take on this project.
But where do you find the needed financing for flipping? A standard lender, say for example a bank, takes no less than 1-2 months to authorize the mortgage and hand over the money. With all the home owners looking for a fast closing, that does not seem like a good option to you in the slightest.
Moreover, should you have an unfavorable credit score or don't have a consistent income source, it can be tougher to obtain a bank loan, considering the stricter loan guidelines banks have introduced as of late. So does this mean you are without an option, but to drop your ambition of getting into home renovating? By no means, especially when Harrison hard money loans can help you realize great things in real estate.
If you should obtain a hard money home loan in Harrison, you'll get what's perhaps most vital to real estate transactions across the country — a quick closing of around 14 days. Further, financing can be made up to 70% loan-to-value of the as-is home's valuation, as calculated by a qualified appraiser. With interest rates starting out near 10%, hard money real estate loans may appear, at first glance, to be more costly compared to traditional bank lending products. But usually, the lending rate isn't as useful a measure for these loans, since they are not long-term loans. The price of such short-term loans ought to be looked at on par with any other cost that you will have to meet for the project. Once you've turned the home and have made a successful return, you're able to recover this expense from the property or home — just like recuperating the money spent on the brand-new home appliances that you installed.
Also, it isn't difficult to be eligible for a a hard money mortgage, regardless of whether your credit situation is not that great. Instead of focusing entirely on the borrower's credit score or income, Harrison hard money lenders, who can be a privately owned company or an individual person, say yes to a loan as a result of assessing the property value, its salability, its location, and the possibility of recovering their capital in case of foreclosure. Other factors that influence a person's approval for a hard money real estate loan can include how much money he is able to put towards a down payment, his former experience being a real estate investor, and selling price of comparative, fairly recently sold residences in the area.
So in the event you come across a really good and profitable flipping opportunity, rest assured you'll have a hard money lender in Harrison, in a position to loan you the capital you need. Submit the form on this page or give us a call to talk about the property you have in mind.
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