Imagine you've come across this excellent bargain for a fix and flip property you found in a great neighborhood, and you happen to be either a seasoned real estate investor or a first-timer who hopes to try out flipping houses. Many people know that capable professional flippers, like Tarek and Christina El Moussa from HGTV's reality flipping series, Fix or Flop, can turn an average profit of forty to fifty thousand dollars on their home projects. And yes, they are aided in a major way due to their professional know-how, auction abilities and knowledge of hard money loans. On the other hand, you're assured that your impressive rehab and renovation abilities will assist you to do a superb job for this project — in addition, you've already arranged to have one of the best general contractors in town to take care of the job.

But how exactly can real estate investors get financing? A typical lending institution, say for example a bank, takes a minimum of one to two months to authorize the financing and release the money. Since the majority of sellers would rather have a fast closing, you might have to begin looking for some other funding alternatives.

What's more, should you have a sub-optimal credit situation or do not have a regular income source, it may be more challenging to qualify for a bank loan, with the stricter loan criteria banks have put in place lately. So does this leave you with no option, but to abandon your ambition to venture into home flipping? By no means, particularly when Lawrenceville hard money loans can help you achieve many amazing things in the real estate world.

A hard money home loan in Lawrenceville provides what's probably most essential to real estate investors — a very fast closing time period of as little as 14 days. Plus, the LTV value can range up to 70% of the home value, as evaluated by a credentialed appraiser. Some people regard hard money real estate loans to be more expensive than standard financing, since the lending rates of such loans often start out at 10%. But when you consider these are not long-term mortgage loans, the rate of interest tends to be misleading. As it pertains to short-term loans of 1 or 2 years or even less, you should think of them just like you would other expenses for your project. After you remodel and unload the house, recouping this expense is the same as recouping the cost of the home appliances you placed into the house.

Besides, hard money mortgages are not hard to qualify for, even in the event you have got bad credit. Lawrenceville hard money lenders do not take on a loan exclusively on the basis of the person's credit score — instead they will examine the property, its location and value, and the property's capability to pay back the loan without the assistance of the person. Adding to that, if the individual can demonstrate prior experience in comparable real estate projects, can place down cash towards the down payment, and the cost of comparable homes in the area works to his benefit, he will have a very good shot of being eligible to obtain a hard money real estate loan.

If you happen to have stumbled upon an excellent fixer-upper with a huge chance of returns, you have also discovered a hard money lender in Lawrenceville who's prepared to provide funding for your flipping project. Fill out the contact form or give us a call and let's talk about your property or properties.