Hard Money Loans in Harrison
A fabulous bargain on a fix and flip opportunity in an excellent subdivision suddenly turns up — seems too good to be true. Professional property flippers, such as the young couple on Flip or Flop, HGTV's reality flipping series, are able to bring in a profit of $40-$50k on a regular basis. And indeed, they are helped in a big way by their professional experience, auction skills and knowledge of hard money loans. Still, your rehab and renovation skills aren't that bad either — besides, you've already found the right building contractor to handle the home.
But where can you find the needed financing for home flipping? A typical lending institution, for instance a bank, takes at a minimum 1 to 2 months to approve the loan and hand over the cash. Considering that all the home owners are seeking a fast closing, that does not seem like a great idea to you in the slightest.
To add to it, banks have been tightening their lending requirements in recent years, rendering it more difficult for someone to get a conventional loan if their credit score is not perfect or he does not possess a regular salaried occupation. So should you admit defeat and forego your aspiration to embark into real estate? By no means, particularly when Harrison, New Jersey hard money loans can help you accomplish many amazing things in real estate.
A hard money home loan in Harrison provides you with what is perhaps most desired by real estate investors — a very fast closing time period of as few as 14 days. In addition, the LTV value can range up to 70% of the property value, as evaluated by a competent appraiser. Some people believe hard money real estate loans to be costlier than regular loans, considering interest rates for such loans ordinarily start at 10%. But the term lengths for these loans are relatively short, which makes the interest rate far less significant. The cost of such short-term loans ought to be evaluated on par with any other expenditure that you will encounter during the project. Right after you renovate and sell off the property, recuperating this expense is just like recuperating the one for home appliances you put in the place.
Moreover, even an individual with low credit can still qualify for a hard money mortgage. The applicant's credit score isn't the single deciding factor for Harrison hard money lenders — additionally, they consider the home, how much it is worth, its location, and its capacity to return their investment if everything does not work out as intended. Adding to that, if the person can demonstrate prior experience in comparable real estate endeavors, can place down money towards the down payment, and the price of comparative houses in the neighborhood works in his favor, he will have an excellent chance of being eligible to get a hard money real estate loan.
So in the event you run into a really good and worthwhile flipping opportunity, relax knowing you'll have a hard money lender in Harrison, willing to loan you the cash that you need. Complete the contact form on this page or give us a call to discuss the property or properties you have in mind.
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