Hard Money Loans in Lakewood

Suppose you've stumbled upon this truly good bargain for a fix and flip property located in a terrific neighborhood, and you're either a skilled real estate investor or a first-timer who hopes to try his hand at flipping. A majority of people know that knowledgeable professional flippers, along the lines of Tarek and Christina El Moussa who star in HGTV's reality flipping program, Fix or Flop, can readily generate an average profit margin of forty to fifty thousand dollars in their rehab business. Naturally, you also are aware that their great results are attributed to the simple fact that they're experts, are well versed in hard money loans, they know the market quite well and furthermore, they are good at working an auction for getting a good deal. However, you're assured that your impressive rehab and renovation skills will help you do an outstanding job for this property — in addition, you have already lined up one of the most suggested general contractors in the area to take care of the job.

But where do you get the needed capital for flipping? For those who get in touch with a standard lender, such as a bank for funding, it's in all likelihood going to take, at a minimum, 30-60 days for your acceptance to come through and the funds to be accessible. Thus if you happen to be looking for a fast closing, it is important you understand or know that this could cost you weeks, causing you to lose out on the house.

With banks adding more challenging loan standards in the past several years, it is more difficult for a self-employed individual to find a mortgage loan, particularly if his credit rating is not perfect. So does this leave you with no other option, but to give up your ambition of venturing into home renovating? Never, due to the fact you can always use the Lakewood hard money loan approach to fund your rehab project.

When you get a hard money home loan in Lakewood, you'll get what's possibly most vital to real estate purchases throughout the country — a fast closing of about 14 days. Besides that, hard money lenders can do loans up to 70% LTV of the property value, as identified by a qualified third-party appraiser. With lending rates starting off near 10%, hard money real estate loans may seem, at first glance, to be more costly compared to traditional bank lending products. But if you appreciate that these are not long-term loans, the interest rate can be misleading. As it pertains to short-term loans of a few years or less, you should consider them just like you would other expenditures for the project. And as soon as you have finally turned the property, recouping this expense is the exact same as recuperating the expense for all the kitchen and bath upgrades you did.

Furthermore, even individuals with poor credit will be able to be eligible for a hard money mortgage. Instead of focusing solely on the borrower's credit score or wages, Lakewood hard money lenders, who may be a private company or an individual, approve a loan as a result of assessing the home value, ease of marketability, its location, and the possibility of recuperating their capital should they have to foreclose the loan. Other factors that affect an individual's eligibility for a hard money real estate loan can include what amount of money he can put into a down payment, his previous experience as a real estate investor, and price of comparative, recently sold residences in the vicinity.

Locating a hard money lender in Lakewood to fund your real estate project is not difficult, so long as the opportunity before you is promising and possesses a strong potential for returns. Enter your info into the contact form on this page or call us and let's talk about the property you have in mind.

Request More Information

A loan specialist will be in touch shortly

Personal Info

Project Info

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