Hard Money Loans in Hartford

An incredible bargain on a fix and flip property located in a good neighborhood shows up out of the blue — seems so good that it's hard to believe. Expert property flippers, much like the young couple on Flip or Flop, HGTV's reality flipping show, are capable of hauling in a profit of $40-$50k on a consistent basis. Of course, you also know that their successes are attributed to the simple fact that they are professionals, are well versed in hard money loans, they know market trends really well and in addition, they are good at working an auction to buy their homes at a reasonable price. That said, you've recently been cultivating your rehab and renovation skills, have a building contractor lined up and are certain that you will be able to do an impressive job on this property.

But where do real estate investors obtain funds? A conventional lender, like for example a bank, takes at a minimum 1 to 2 months to consent to the mortgage and hand over the monies. With all the home owners seeking a fast closing, that does not appear to be a good option to you in the slightest.

With banks introducing harder loan guidelines in recent times, it has become harder for a self-employed person to obtain a home loan, especially when his credit situation is not flawless. So will inadequate funding keep you from pursuing your ambitions? By no means, considering that you could always go the hard money loan route to finance your home flipping project.

If you should apply for a hard money home loan in , you have access to what is perhaps most important to real estate negotiations throughout the country — a quick closing of about fourteen days. In addition, the LTV value can range up to 70% of the place's valuation, as evaluated by a certified appraiser. At first, hard money real estate loans, with starting lending rates of 10%, appear to be costlier than bank lending options. But in reality, the rate of interest is not as relevant for these loans, given that they are not long-term financing. As it pertains to short-term loans of 1 or 2 years or less, you should think of them the same as you would for any other expense for the project. And when you've sold the property or home, recovering this expense is comparable to recouping the expense for all the bathroom improvements you did.

Furthermore, even someone with weak credit can still be eligible for a hard money mortgage. hard money lenders don't take on a loan solely according to the customer's credit score — instead they will assess the home, its location and value, and the property's capacity to pay back the loan independent of the borrower. The amount that a borrower can put down in advance for the home, how much experience he has in real estate investments, and price range of comparable properties in the neighborhood are other factors that go into analyzing a person's qualification for a hard money real estate loan.

So in the event you come across a good and profitable investment opportunity, relax knowing you'll have a hard money lender in , able to loan you the money you'll need. Enter your info into the form on this page or get in touch with us via phone and let's discuss your property or properties.

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Investment property loans only please, no primary residences at this time.