Hard Money Loans in Kirkland
A fabulous bargain on a fix and flip opportunity located in a good neighborhood suddenly shows up — sounds so good that it's hard to believe. You've probably heard that professional home flippers, similar to the married couple on HGTV's Flip or Flop, have a remarkable average profit near forty to fifty thousand dollars. No need to explain that their past experiences rehabbing, understanding of hard money loans, familiarity with the housing market, and auction skills have been major factors to their success. Still, your rehab and remodeling knowledge isn't bad either — in any case, you have already located an ideal building contractor to handle this home.
But money is often a separate question altogether. When you get in touch with a common lending institution, like a bank for a mortgage loan, it's very likely going to take, as a minimum, 30-60 days for your acceptance to come through and the funds to be given out. So if you will be hoping for a fast closing, you must be aware that this will set you back by a few weeks, making you miss out on the sale.
What's more, for those who have an unfavorable credit score or do not have a conventional source of income, it is usually tougher to qualify for a bank loan, with the tighter loan criteria banks have introduced as of late. So will a shortage of financing keep you from sticking to your dream? Not at all, particularly when Kirkland hard money loans can help you realize great things in real estate.
A hard money home loan in Kirkland can provide what is regarded as imperative to most real estate deals — a quick closing of only a 2-3 weeks and more often than not less. Also, hard money lenders can do lending up to 70% LTV of the property value, as determined by a certified third-party evaluator. At first glance, hard money real estate loans, with starting lending rates of 10%, appear to be higher in price than bank financing. But if you appreciate that these are not long-term home loans, the rate of interest may be misleading. The price of such short-term loans ought to be evaluated much like every other expense that you will encounter during the project. Once you have sold the property and have made a successful financial gain, you're able to recover this expense from the home — just like recovering the money spent on the brand-new home appliances that you've installed.
In addition, even a person with bad credit can easily qualify for a hard money mortgage. The borrower's credit score will not be the lone deciding factor for Kirkland hard money lenders — additionally, they consider the property, its market value, its location, and its capacity to earn back their investment if things do not go as intended. Additional factors that impact an applicant's acceptance for a hard money real estate loan can include how much money he is able to put towards a down payment, his past experience being a real estate investor, and price range of comparable, recently sold residences in the neighborhood.
So in case you have found a really good real estate opportunity with a high probability of returns, you've also stumbled upon a hard money lender in Kirkland who is prepared to fund your flipping ventures. Fill out the contact form or get in touch with us via phone to discuss the project you have in mind.
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