There is this phenomenal opportunity to renovate and flip this wonderful out of date condo in a very good part of town and it looks like the one you've been wanting for quite a while. You've heard that professional home flippers, similar to the married couple on HGTV's Flip or Flop, turn a remarkable average profit of around $40,000 – $50,000. No need to explain that their rehabbing experience, understanding of hard money loans, familiarity with the market, and auction talents have had an important role in their results. However, you are certain that your impressive rehab and remodeling knowledge will enable you to do an outstanding job on this home — furthermore, you've already lined up one of the finest contractors in town to handle this job.

But where can you obtain the needed financing for flipping? A typical lending institution, like for example a bank, takes at least 1 to 2 months to approve the financing and deliver the money. Because most home owners wish to have a fast closing, you might need to begin searching for some other financing options.

What's more, in case you have an unfavorable credit score or do not receive a routine income, it usually is tougher for you to obtain bank financing, considering the tougher loan criteria banks have issued in recent times. So do you have to stop trying and abandon your aspiration to venture off into real estate? By no means, particularly while Nashville hard money loans can help you accomplish many amazing things in real estate.

If you obtain a hard money home loan in Nashville, you'll get what is probably most important to real estate purchases across the country — a very fast closing of roughly 14 days. 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. At first, hard money real estate loans, with starting interest rates of 10%, could be seen as costlier than bank financing. But once you understand these loans are not long-term loans, the rate of interest can be misleading. As it pertains to short-term loans of several years or even less, you should consider them similar to any kind of other expense for the project. And as soon as you have finally turned the property, recuperating this expense is comparable to recuperating the expense for the kitchen and bath updates you performed.

Apart from this, hard money mortgages are not difficult to qualify for, regardless if you posses less-than-perfect credit. The customer's credit score will not be the single determining factor for Nashville hard money lenders — they also analyze the home, its market value, where it is located, and its ability to bring back their investment if things should not go as planned. How much of their own money an individual can put down in advance for the property, his real estate experience, and price range of comparable properties in the same area are other factors that go into ascertaining an applicant's eligibility for a hard money real estate loan.

Searching for a hard money lender in Nashville to fund your flipping business is not very hard, as long as the opportunity before you is promising and possesses a good prospect for returns. Fill out the contact form on this page or give us a call and let's talk about the property or properties you have in mind.