Hard Money Loans in Kettering
There's this amazing possibility for renovating and flipping this nice outdated property in a fantastic location and it seems like the one you've been anticipating for quite a while. You've probably heard that competent home flippers, like the couple on HGTV's Flip or Flop, turn a remarkable average profit of around $40,000 – $50,000. And yes, they are helped in a big way via their professional know-how, auction expertise and knowledge of hard money loans. Nevertheless, you're convinced that your superb rehab and remodeling knowledge will enable you to do an outstanding job on this property — in addition, you already have lined up one of the best contractors in town to take care of the job.
But money is a separate question entirely. For those who meet with a common lending institution, much like a bank for a mortgage loan, it is more than likely going to take a minimum of thirty to sixty days for the acceptance to be completed and the funds to be sent out. Because most sellers give preference to a fast closing, you may want to begin looking for other financing alternatives.
On top of this, banks have already been tightening their lending requirements in recent years, making it tough for someone to obtain an ordinary loan if their credit circumstances are not flawless or he doesn't have a regular salaried occupation. So must you stop trying and abandon your dream to get into fix and flips? Under no circumstances, especially while Kettering hard money loans can help you realize great things in real estate.
A hard money home loan in Kettering offers you what is regarded as imperative to most real estate sales — a quick closing of only a 2-3 weeks and more often than not less. Also, hard money lenders are able to do loans up to 70% LTV of the property or home value, as assessed by a credentialed third-party evaluation. With interest rates starting off at about 10%, hard money real estate loans might seem, at first glance, to be higher in price as compared with conventional bank financing. But usually, the lending rate is not as relevant for these loans, because they will never be long-term financing. The price of such short-term loans ought to be viewed much like every other expense that you would have to meet for the project. And as soon as you've sold the home, recovering this expense is comparable to recouping the expense for all the bathroom or other improvements you performed.
Furthermore, even a person with weak credit can still qualify for a hard money mortgage. The borrower's credit score is not the sole determining factor for Kettering hard money lenders — they also analyze the house, what is it valued at, its location, and its capacity to bring back their investment if things should not work out as planned. Additional variables that affect a person's eligibility for a hard money real estate loan can include the amount he can put towards a down payment, his past experience as a real estate investor, and price range of similar, recently sold homes in the area.
So any time you run into an outstanding and worthwhile investment opportunity, feel comfortable knowing you will have a hard money lender in Kettering, in a position to lend you the money you may need. Complete the contact form on this page or give us a call and let's discuss the project you have in mind.
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