A remarkable bargain on a fix and flip opportunity located in a very good subdivision all of a sudden shows up — seems too good to be true. Everybody knows that expert professional flippers, along the lines of Tarek and Christina El Moussa from HGTV's reality home flipping show, Fix or Flop, can readily turn a typical profit of forty to fifty thousand dollars on their home projects. And indeed, they are helped in a big way via their professional knowledge, auction skills and knowledge of hard money loans. Still, your rehab and remodeling skills aren't that bad either — in any case, you have already identified the right general contractor to tackle this job.

But money is a different issue entirely. For those who meet with a common lender, like a bank for funding, it in all likelihood will take, as a minimum, 30-60 days for your acceptance to come through and the funds to be sent out. Since the majority of home owners would prefer a fast closing, you may have to start seeking out some other funding options.

With banks bringing in tougher loan standards in the last few years, it is now harder for a self-employed person to get a home loan, especially if his credit rating is not optimal. So does that leave you with no option, but to give up your aspiration of getting into rehabbing? Most certainly not, because you always have the Laurel Hollow hard money loan option.

A hard money home loan in Laurel Hollow offers what's considered imperative to many real estate sales — a very fast closing of just a few weeks and more often than not even less. In addition, the LTV value can reach up to 70% of the property value, as estimated by a competent appraiser. Some individuals consider hard money real estate loans to be more pricey than standard loans, since the interest rates for these loans often start out at 10%. But the lengths of these loans are quite shorter, which makes the interest rate less significant. The price of such short-term loans should be viewed on par with any other cost that you might encounter in the course of the project. Right after you remodel and unload the property, recovering this expense is no different than recovering the money you spent for home appliances you put in the place.

Apart from this, hard money mortgages are not difficult to qualify for, even if you have a low credit rating. The customer's credit score is not the exclusive deciding factor for Laurel Hollow hard money lenders — they also consider the piece of real estate, its market valuation, its location, and its ability to earn back their investment if things do not go as planned. Additional factors that impact a borrower's eligibility for a hard money real estate loan include what amount of money he can put towards a down payment, his past experience as a real estate investor, and selling price of comparative, recently sold residences nearby.

So in case you have stumbled upon a really great home to flip with a high chance of returns, you have also stumbled upon a hard money lender in Laurel Hollow that's willing to fund your flipping projects. Fill out the form on this page or get in touch with us via phone and let's talk about your project.