Hard Money Loans in Lisle

Suppose you've run into this excellent deal on a fix and flip property you found in a terrific location, and you're either a skilled real estate investor or a newbie who is looking to try out flipping houses. Everybody knows that skilled professional flippers, along the lines of Tarek and Christina El Moussa who do HGTV's reality home flipping series, Fix or Flop, can readily make an average profit margin of forty to fifty thousand dollars on their flips. And sure, they are helped in a major way by their professional experience, auction expertise and understanding of hard money loans. On the other hand, you're convinced that your superb rehab and renovation abilities can help you do a great job on the property — what's more, you already have lined up one of the most suggested general contractors in the area to handle the job.

But where precisely can real estate investors obtain financing? In the event you approach a standard lending institution, much like a bank for financing, it likely will take, at a minimum, 30-60 days for the approval to come through and the money to be accessible. Thus if you are expecting a fast closing, you have to recognize that this may cost you a couple weeks, making you lose out on the opportunity.

With banks introducing tougher loan criteria in the past several years, it has become harder for a self-employed individual to find a home loan, especially if his credit score is not optimal. So does that leave you with no option, but to drop your dream to venture into flipping? Certainly not, considering that you could always go the Lisle hard money loan route to finance your home renovating project.

Should you opt for a hard money home loan in Lisle, you'll get what is possibly most essential to real estate offers across the country — a fast closing of approximately two weeks. What's more, the LTV value can go up to 70% of the property value, as determined by a competent appraiser. On the surface, hard money real estate loans, with starting lending rates of 10%, appear to be more costly than bank lending products. But when you appreciate that these loans are not long-term home loans, the interest rate may be misleading. As it pertains to short-term loans of a handful of years or less, you should think about them similar to any sort of other expense for the project. Right after you rehab and unload the property, recovering this expense is no different than recouping the cost of the home appliances you installed in the house.

What's more, it is easy to obtain a hard money mortgage, regardless of whether your credit score is not that impressive. The customer's credit score is not the exclusive deciding factor for Lisle hard money lenders — they also examine the property, what is it valued at, its location, and its potential to bring back their investment if everything does not work out as intended. Additional criteria that impact an individual's eligibility for a hard money real estate loan include how much he is in a position to put towards a down payment, his previous experience as a real estate investor, and price range of similar, fairly recently sold homes nearby.

So should you come across an outstanding and worthwhile flipping opportunity, relax knowing you will have a hard money lender in Lisle, prepared to lend you the cash you'll need. Fill out the form on this page or call us and let's discuss your property or properties.

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