Hard Money Loans in Lake Villa

A fantastic bargain on a fix and flip property located in a nice area of the city all of a sudden shows up — seems too good to be true. You've probably heard that veteran property flippers, much like the couple on HGTV's Flip or Flop, turn a remarkable average profit margin near $40,000 – $50,000. It's fair to say their rehabbing experience, understanding of hard money loans, expertise in their market, and auction talents have played a big role in their results. Still, your rehab and renovation skills aren't that bad either — besides, you've already found the right general contractor to take on the project.

But money is a different issue entirely. A traditional lender, like for example a bank, takes at the very least 1 to 2 months to approve the loan and release the capital. Considering that the home owners are seeking a fast closing, that doesn't appear like a good option to you at all.

To add to it, banks have been tightening up their lending requirements as of late, making it challenging for a person to get a typical loan if their credit situation is not flawless or he does not have a consistent salaried occupation. So will a lack of funding prevent you from pursuing your dream? Under no circumstances, especially when Lake Villa hard money loans enable you to accomplish many amazing things in the real estate market.

A hard money home loan in Lake Villa gives you what's possibly most essential to real estate investors — a quick closing time period of as little as 14 days. Additionally, loan amounts are made up to 70% loan-to-value of the as-is valuation, as deemed by a professional appraiser. At first, hard money real estate loans, with starting lending rates of 10%, seem to be costlier than bank financing. But the term lengths for these loans tend to be comparatively short, making the rate less significant. Short-term loans of a couple of months to a few years are best thought of as cost of capital, very much like every other financial outlay related to a project. After you fix up and unload the home, recuperating this expense is no different than recovering the expense for stainless steel appliances you placed into the place.

What's more, it's simple to obtain a hard money mortgage, even if your credit rating is not that great. Lake Villa hard money lenders don't authorize a loan exclusively on the basis of the applicant's credit score — rather they will look at the home, its location and value, and the home's capability to pay back the financing on its own. On top of that, if the applicant have proven experience in equivalent real estate endeavors, can put down money towards a down payment, and the price of similar homes in the neighborhood works in his favor, he has a good chance of being eligible for a hard money real estate loan.

So any time you come across an outstanding and profitable flipping opportunity, relax knowing you'll have a hard money lender in Lake Villa, willing to lend you the cash you may need. Enter your info into the form on this page or give us a call and let's talk about your property.

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Investment property loans only please, no primary residences at this time.