Hard Money Loans in Havana
Imagine you've come across this excellent deal for a fix and flip property you found in a great neighborhood, and you happen to be either a seasoned real estate investor or a first-timer who really wants to try his hand at flipping. You may have heard that professional home flippers, like the married couple on HGTV's Flip or Flop, turn a remarkable average return close to $40,000 – $50,000. And indeed, they are aided in a major way via their professional know-how, auction skills and knowledge of hard money loans. Nonetheless, your rehab and renovation knowledge isn't that bad either — aside from that, you have already identified a good general contractor to handle this job.
But how do you find the needed funding for flipping? A conventional lender, for instance a bank, takes at least one to two months to consent to the loan and release the monies. So if you will be looking for a fast closing, it's important for you to understand or know that this may set you back by a couple of weeks, causing you to miss out on the opportunity.
To add to it, banks have been tightening up their lending standards in recent times, which makes it difficult for people to obtain a typical loan if their credit rating is not flawless or he does not possess a regular salaried occupation. So will inadequate funds keep you from following your aspirations? By no means, particularly while Havana hard money loans enable you to realize many amazing things in real estate.
A hard money home loan in Havana provides you with what is perhaps most desired by real estate investors — a very fast closing time of as little as a few weeks. What's more, the LTV value can go up to 70% of the property value, as determined by a certified appraiser. Some individuals believe hard money real estate loans to be costlier than customary financing, since the lending rates for such loans ordinarily start off at 10%. But usually, the interest rate is not as relevant for these loans, because they are not long-term loans. The price of such short-term loans should be evaluated on par with any other expenditure that you would need to meet for the project. Once you've sold the property and have made a successful profit, you'll be able to recoup this expense from the house — just like recouping the money spent on the brand-new kitchen appliances that you have installed.
Besides, hard money mortgages are not difficult to qualify for, even when you posses poor credit. Havana hard money lenders don't take on a loan solely based on the person's credit score — instead they also examine the property, its valuation and location, and the home's ability to pay back the financing without the help of the applicant. Other factors that affect a borrower's acceptance for a hard money real estate loan include the amount he can put into a down payment, his former experience as a real estate investor, and selling price of comparative, just recently sold residences in the vicinity.
So should you come across a very good and profitable flipping opportunity, relax knowing you'll have a hard money lender in Havana, prepared to loan you the capital you need. Submit the form on this page or give us a call and let's discuss the project you have in mind.
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