Hard Money Loans in Hollywood Park
A fantastic bargain on a fix and flip opportunity located in an excellent neighborhood all of a sudden shows up — seems too good to be true. You may have heard that professional property flippers, like the married couple on HGTV's Flip or Flop, enjoy an impressive average profit close to $40,000 – $50,000. It's fair to say their rehabbing experience, understanding of hard money loans, familiarity with the market, and auction talents have had an important part in their results. Still, your rehab and remodeling knowledge isn't bad either — besides, you've already found the right contractor to take on the job.
But where do you obtain the needed funding for flipping? Should you go after a normal loan from the bank, you will end up waiting approximately 4-8 weeks until the loan is approved and your funding is readily available. Considering that the home owners are wanting to find a fast closing, that does not seem like a wise idea to you whatsoever.
With banks introducing more challenging loan requirements in the recent past, it's become much harder for a self-employed individual to find a home loan, particularly if his credit circumstances are not flawless. So does this leave you with no other option, but to drop your dream to venture into rehabbing? By no means, on the grounds that you could always go the Hollywood Park hard money loan route to fund your home flipping project.
A hard money home loan in Hollywood Park boasts what's possibly most sought after by real estate investors — a very fast closing time of as few as fourteen days. What's more, the LTV value can reach up to 70% of the home value, as evaluated by a certified appraiser. With rates starting out around 10%, hard money real estate loans might seem, at first glance, to be more pricey compared to conventional bank lending products. But usually, the lending rate is not as pertinent for these loans, simply because they are not long-term loans. The price tag on such short-term loans should be viewed much like every other expense that you might encounter during the project. Once you've turned the house and have made a good profit, you can reclaim this expense from the property or home — the same as recouping the cost of brand-new kitchen appliances that you have put in.
Also, it isn't difficult to obtain a hard money mortgage, even when your credit score is not that extraordinary. Hollywood Park hard money lenders do not approve a loan exclusively based on the person's credit score — rather they additionally look at the property or home, where it is located and how much it is worth, and the property's ability to pay back the financing independent of the borrower. The amount that a borrower can put upfront towards the property, how much practical experience he has in real estate investing, and price range of comparative properties in the same area are other details that go into establishing a borrower's eligibility for a hard money real estate loan.
So if you have found a really good real estate opportunity with a high chance of returns, you've also found yourself a hard money lender in Hollywood Park who is willing to finance your rehab projects. Enter your info into the form or give us a call to talk about the property or properties you have in mind.
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