Hard Money Loans in Marlborough

You discovered this outstanding opportunity to rehab and flip this wonderful outdated house in a fantastic part of town and it looks a lot like the one you have been anticipating for a long time. You've probably heard that veteran house flippers, like the husband and wife on HGTV's Flip or Flop, enjoy a remarkable average profit of around $40,000 – $50,000. It goes without saying their rehabbing experience, knowledge of hard money loans, expertise in their market, and auction skills have had a significant part in their successes. With that being said, you have likewise been cultivating your rehab and renovation skills, have got a contractor arranged and are certain that you're capable of doing a bang up job for this property.

But where do you get the necessary funding for flipping? A typical lender, like for example a bank, takes a minimum of one to two months to authorize the loan and deliver the funds. So if you are hoping for a fast closing, it's important to recognize that this could cost you a couple of weeks, causing you to miss out on the sale.

What's more, in case you have a sub-optimal credit score or don't have a regular income source, it can be more challenging for you to be eligible for bank financing, with the more stringent loan guidelines banks have issued in recent times. So will inadequate financing prevent you from pursuing your aspirations? Definitely not, given that you also have the Marlborough hard money loan option.

If you should apply for a hard money home loan in Marlborough, you'll get what's probably most essential to real estate purchases throughout the country — a fast closing of roughly a couple weeks. Aside from that, loans can be made up to 70% loan-to-value of the as-is house value, as established by a professional appraiser. With the loan rates starting around 10%, hard money real estate loans may seem, initially, to be higher priced in comparison with traditional bank lending products. But the time frames of these loans are relatively short, making the rate much less important. Short-term loans of several months to a handful of years are best understood in terms of cost of capital, the same as every other expenditure involved with a project. And when you've finally sold the home, recouping this expense is the exact same as recovering the expense for the bathroom improvements you did.

Furthermore, even an individual with bad credit can easily qualify for a hard money mortgage. Marlborough hard money lenders do not approve a loan strictly judging by the customer's credit score — rather they will evaluate the home, its valuation and location, and the home's capability to pay back the loan by itself. The amount that an applicant can put down beforehand towards the property, his real estate experience, and price range of comparable homes in the vicinity are additional factors that go into determining an applicant's qualification for a hard money real estate loan.

So in the event you come across an outstanding and lucrative flipping opportunity, relax knowing you'll have a hard money lender in Marlborough, prepared to lend you the cash you will need. Fill out the contact form or give us a call to talk about the project you have in mind.

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