Imagine you've run across this truly good bargain for a fix and flip property in a terrific location, and you're either a skilled real estate investor or a first-timer who is looking to try his hand at flipping. A majority of people know that capable professional flippers, like Tarek and Christina El Moussa who do HGTV's reality home flipping program, Fix or Flop, are able to earn a typical profit margin of forty to fifty thousand dollars in their rehab business. Naturally, you also know that their results are credited to the simple fact that they're experts, are knowledgeable in hard money loans, they understand the market really well and they also know how to work an auction to purchase their houses at an appropriate deal. Nonetheless, your rehab and renovation knowledge isn't that bad either — in any case, you have already located an ideal general contractor to take on the project.

But money is usually a separate issue altogether. A standard lending institution, for instance a bank, takes a minimum of 1-2 months to consent to the loan and hand over the monies. So if you are looking for a fast closing, you have to understand or know that this may cost you a couple of weeks, making you lose out on the sale.

Furthermore, if you have a less-than-perfect credit rating or don't have a regular income, it may be tougher to be eligible for a bank financing, with the stricter loan guidelines banks have issued recently. So will inadequate funds keep you from following your aspirations? Absolutely not, because you always have the Norcross hard money loan alternative.

If you apply for a hard money home loan in Norcross, you will get what is possibly most important to real estate negotiations across the country — a quick closing of approximately a couple weeks. What's more, the LTV value can go up to 70% of the place's valuation, as evaluated by a competent appraiser. With lending rates starting off near 10%, hard money real estate loans might seem, at first glance, to be more costly when compared with traditional bank lending products. But the time frames of these loans are comparatively short, which makes the interest rate much less important. As it pertains to short-term loans of several years or less, you should look at them the same as you might for any other expenditure for the project. After you renovate and resell the property, recouping this expense is no different than recovering the money you spent for new kitchen appliances you put in the place.

Moreover, even someone with low credit will be able to be eligible for a hard money mortgage. Norcross hard money lenders don't take on a loan exclusively based on the applicant's credit score — rather they will analyze the home, its location and value, and the home's capacity to pay back the loan by itself. Adding to that, if the person have proven experience in equivalent real estate endeavors, can place down cash towards the down payment, and the value of comparable houses in the vicinity works in his favor, he will have a good chance of qualifying to obtain a hard money real estate loan.

So if you have stumbled upon a wonderful fixer-upper with a high prospect of returns, you've also stumbled upon a hard money lender in Norcross who's happy to finance your rehab venture. Submit the form on this page or get in touch with us via phone to talk about the project you have in mind.