Hard Money Loans in Munsey Park

You discovered this phenomenal opportunity to fix and flip this wonderful out of date property or home in a very good location and it looks a lot like the deal you've been eagerly waiting on for quite some time. You've probably heard that veteran home flippers, such as the married couple on HGTV's Flip or Flop, enjoy an impressive average profit margin near $40,000 – $50,000. Without question, their rehabbing experience, knowledge of hard money loans, familiarity with the market, and auction talents have been major factors to their results. Still, your rehab and remodeling skills aren't bad either — besides, you've already found a suitable general contractor to handle this home.

But capital is usually a separate problem entirely. A traditional lender, for instance a bank, takes at a minimum one to two months to consent to the loan and release the cash. Given that home owners wish to have a fast closing, you might have to begin looking for other funding options.

What's more, should you have a less-than-perfect credit rating or do not receive a regular income, it is usually more difficult to be eligible for a a bank loan, considering the tighter loan criteria banks have put in place as of late. So does this leave you with no option, but to abandon your aspiration to venture into the fix and flip business? By no means, considering that you can always use the Munsey Park hard money loan approach to finance your flipping project.

If you decide to apply for a hard money home loan in Munsey Park, you will get what's possibly most essential to real estate purchases throughout the country — a quick closing of roughly 2 weeks. Aside from that, financing can be made up to 70% loan-to-value of the "as is" home's valuation, as determined by a qualified appraiser. At first glance, hard money real estate loans, with starting interest rates of 10%, appear to be more pricey than bank loans. But the time frames of these loans tend to be quite short, which makes the rate less important. The cost of such short-term loans should be looked at much like every other financial outlay that you would have to meet pertaining to the project. After you renovate and unload the house, recovering this expense is just like recouping the money you spent for stainless steel appliances you installed in the home.

Moreover, even a person with poor credit will be able to be eligible for a hard money mortgage. As an alternative for focusing entirely on the borrower's credit score or net income, Munsey Park hard money lenders, who can be a privately owned company or an individual person, say yes to a loan as a result of examining the home value, its marketability, its location, and the possibility of recouping their capital in case of foreclosure. The amount that an individual can put down beforehand towards the home, his real estate experience, and selling price of comparable homes in the same neighborhood are additional factors that go into analyzing an applicant's suitability for a hard money real estate loan.

So in the event you come across a really good and lucrative investment opportunity, relax knowing you'll have a hard money lender in Munsey Park, in a position to loan you the cash you'll need. Enter your info into the form on this page or give us a call and let's talk about your property or properties.

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