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A fabulous buy on a fix and flip property in a good subdivision all of a sudden shows up — seems so good that it's difficult to believe. Expert home flippers, similar to the young couple on Flip or Flop, HGTV's reality flipping show, are able to bring in a gain of $40-$50k for the majority of homes. And yes, they are aided in a major way via their professional know-how, auction skills and familiarity with hard money loans. However, you're convinced that your first class rehab and renovation knowledge can help you do a quality job on the home — what's more, you already have lined up one of the best general contractors in town to handle this job.
But where can real estate investors find financing? When you get in touch with a regular lender, such as a bank for a loan, it very likely will take, as a minimum, four to eight weeks for your acceptance to be completed and the money to be distributed. So if you're wishing for a fast closing, it is important to realize that this could set you back by a few weeks, causing you to miss out on the sale.
On top of this, banks have been tightening up their lending criteria in recent times, which makes it tough for someone to receive a conventional loan if their credit rating is not flawless or he doesn't have a regular salaried profession. So will a shortage of funds keep you from sticking to your dream? Never, because you could always go the Louisiana hard money loan route to fund your home renovating project.
A hard money home loan in Louisiana gives you what's regarded as vital to many real estate transactions — a fast closing of only a couple of weeks and more often than not less. What's more, the LTV value can range up to 70% of the home value, as determined by a credentialed appraiser. Some people consider hard money real estate loans to be higher in price than regular financing, because the interest rates of such loans normally start out at 10%. But the time frames of these loans are rather short, which makes the rate far less significant. When it comes to short-term loans of a few years or even less, you should look at them just like you would other expenditures for the project. Once you've sold the home and have made a positive profit, you can get back this expense from the property or home — very much like recouping the money necessary for the brand-new home appliances that you've installed.
Also, it's easy to qualify for a hard money mortgage, even in the event your credit rating is not that great. The person's credit score is not the sole deciding factor for Louisiana hard money lenders — in addition, they examine the house, what is it valued at, where it is located, and its capability to earn back their investment if things should not go as intended. How much an individual can put down beforehand for the property or home, his past real estate experience, and selling price of equivalent properties in the vicinity are various other factors that go into analyzing an individual's eligibility for a hard money real estate loan.
Locating a hard money lender in Louisiana to finance your renovation project is not very hard, so long as the opportunity that lies ahead of you is promising and offers the right prospect for returns. Submit the form or call us and let's talk about the property you have in mind.
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