Hard Money Loans in Hawkinsville
An outstanding bargain on a fix and flip opportunity in a very good subdivision suddenly shows up — sounds so good that it's hard to believe. You may have heard that professional home flippers, much like the husband and wife on HGTV's Flip or Flop, have a remarkable average return near $40,000 – $50,000. And yes, they are aided in a major way by their professional know-how, auction expertise and familiarity with hard money loans. Still, your rehab and renovation knowledge isn't bad either — besides, you have already found a suitable licensed contractor to start this project.
But financing is often a separate problem entirely. If you meet with a standard lender, such as a bank for financing, it very likely will take no less than 4-8 weeks for your approval to be completed and your money to be distributed. With the home owners looking for a fast closing, that doesn't seem like a good idea to you in the slightest.
With banks bringing in harder loan guidelines in the past several years, it is now more difficult for a self-employed individual to find a mortgage loan, especially if his credit rating is not optimal. So will a shortage of funds stop you from sticking with your dream? Under no circumstances, especially when Hawkinsville hard money loans enable you to realize many amazing things in real estate.
A hard money home loan in Hawkinsville gives you what is perhaps most sought after by real estate investors — a very fast closing in as few as two weeks. What's more, the LTV value can go up to 70% of the property value, as evaluated by a competent appraiser. At first glance, hard money real estate loans, with starting interest rates of 10%, could be seen as higher in price than bank lending options. But the time frames of these loans tend to be quite shorter, making the rate less important. The price of such short-term loans should be viewed much like any other financial outlay that you will have to meet pertaining to the project. Right after you rehab and unload the house, recouping this expense is no different than recouping the one for new kitchen appliances you installed in the place.
Additionally, it is simple to qualify for a hard money mortgage, even if your credit situation is not that great. Rather than focusing strictly on the borrower's credit score or income, Hawkinsville hard money lenders, who may be a privately owned company or an individual, say yes to a loan after analyzing the property value, its marketability, its location, and the possibility of recovering their capital in case of foreclosure. The total amount that an individual can put down in advance for the house, how much experience he has in real estate investments, and selling price of equivalent homes in the same area are other details that go into ascertaining an applicant's eligibility for a hard money real estate loan.
Searching for a hard money lender in Hawkinsville to finance your fix and flip endeavor is not hard, as long as the opportunity before you is promising and boasts the right prospect for returns. Submit the form on this page or give us a call and let's talk about your property.
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