A fantastic bargain on a fix and flip property located in a nice area of the city all of a sudden shows up — seems so good that it is difficult to believe. You've probably heard that veteran home flippers, like the married couple on HGTV's Flip or Flop, turn an impressive average return near forty to fifty thousand dollars. Without question, their past experiences rehabbing, knowledge of hard money loans, expertise in their market, and auction talents have been large factors to their results. With that being said, you've likewise been brushing up your rehab and remodeling skills, have a building contractor lined up and are positive that you will be able to do a stellar job on this home.

But how do you get the necessary capital for home flipping? If you go after an ordinary loan via a bank, you will have to wait around somewhere around 30-60 days before the mortgage is authorized and the funding is accessible. With the sellers looking for a fast closing, that does not seem like a wise idea to you at all.

With banks introducing harder loan guidelines in the last few years, it is now more difficult for a self-employed individual to find a mortgage loan, especially when his credit situation is not optimal. So must you stop trying and abandon your ambition to venture into fix and flips? Definitely not, given that you always have the Lindenhurst hard money loan alternative.

A hard money home loan in Lindenhurst gives you what is possibly most important to real estate investors — a quick closing time of as little as 2 weeks. Also, hard money lenders can approve lending up to 70% LTV of the property or home's valuation, as established by a professional third-party evaluation. With the loan rates starting at about 10%, hard money real estate loans might seem, at first, to be more pricey when compared with traditional bank financing. But the term lengths for these loans tend to be relatively shorter, making the interest rate much less significant. As it pertains to short-term loans of a handful of years or even less, you should consider them just like you would other expenses for the project. After you remodel and resell the property, recovering this expense is no different than recovering the expense for new kitchen appliances you installed in the place.

Moreover, even a person with bad credit will be able to be eligible for a hard money mortgage. The applicant's credit score is not the sole determining factor for Lindenhurst hard money lenders — in addition, they analyze the property, what is it valued at, its location, and its capability to return their investment if things should not go as intended. On top of this, if the applicant can demonstrate prior experience in similar real estate endeavors, can place down money for the down payment, and the cost of similar properties in the vicinity works to his benefit, he stands a really good chance of being eligible for a hard money real estate loan.

Searching for a hard money lender in Lindenhurst to cover expenses for your fix and flip endeavor is not hard, so long as the opportunity in front of you is promising and has a good potential for returns. Complete the contact form on this page or give us a call and let's talk about the property you have in mind.