Hard Money Loans in Hilliard
There's this phenomenal possibility for fixing and flipping this wonderful out of date property or home in a good part of town and it seems like the one you've been expecting for quite a while. You've probably heard that veteran home flippers, such as the husband and wife on HGTV's Flip or Flop, have an impressive average profit of around forty to fifty thousand dollars. And without a doubt, they are aided in a major way by their professional knowledge, auction abilities and familiarity with hard money loans. Still, your rehab and remodeling knowledge isn't that bad either — besides, you've already identified a suitable building contractor to take on the home.
But where can real estate investors obtain money? For those who get in touch with a common lending institution, such as a bank for a loan, it's more than likely going to take, as a minimum, four to eight weeks for your approval to come through and the money to be sent out. Because most home owners would prefer a fast closing, it may be best to start looking for other funding options.
With banks adding more challenging loan guidelines in the last few years, it's become harder for a self-employed person to get a home loan, particularly if his credit circumstances are not optimal. So will a lack of funds prevent you from pursuing your aspirations? By no means, particularly while Hilliard hard money loans enable you to achieve great things in the real estate market.
A hard money home loan in Hilliard can provide what's viewed as essential to many real estate transactions — a quick closing of only a 2-3 weeks and at times even less. Aside from that, loans can be made up to 70% loan-to-value of the "as is" home value, as calculated by a qualified appraiser. With interest rates starting out at about 10%, hard money real estate loans may seem, at first glance, to be higher priced as compared with traditional bank lending products. But when you consider these loans are not long-term mortgage loans, the rate can be misleading. As it pertains to short-term loans of a few years or even less, you should look at them similar to any other expense for your project. Right after you renovate and unload the house, recouping this expense is the same as recuperating the cost of the stainless steel appliances you placed into the property.
In addition, even an individual with weak credit can easily be eligible for a hard money mortgage. Hilliard hard money lenders don't approve a loan exclusively judging by the customer's credit score — instead they also evaluate the property or home, its valuation and location, and the home's capacity to pay back the financing on its own. Other variables that impact a borrower's approval for a hard money real estate loan can include how much money he can put into a down payment, his prior experience being a real estate investor, and price range of comparable, recently sold homes nearby.
So should you run into an outstanding and profitable flipping opportunity, feel comfortable knowing you will have a hard money lender in Hilliard, in a position to loan you the capital that 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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