A remarkable deal on a fix and flip opportunity located in a very good subdivision suddenly shows up — sounds so good that it is hard to believe. Professional residential home flippers, such as the young married couple on Flip or Flop, HGTV's reality flipping series, are capable of generating a profit of $40-$50k on a consistent basis. It's fair to say their past experiences rehabbing, understanding of hard money loans, familiarity with the housing market, and auction skills have played a significant part in their success. However, you are convinced that your superb rehab and remodeling abilities will help you do a superb job for this project — furthermore, you already have arranged to have one of the most recommended contractors in the business to take on the project.

But capital can be a different issue altogether. A traditional lending institution, say for example a bank, takes at least 1-2 months to approve the loan and deliver the monies. Given that home owners would prefer a fast closing, you may want to begin looking for other funding options.

As well as this, in case you have a less-than-perfect credit rating or don't have a regular source of income, it may be harder to be eligible for bank financing, seeing the tougher loan requirements banks have introduced in recent times. So will a lack of financing keep you from sticking to your ambitions? Absolutely not, seeing as you also have the North Hills, New York hard money loan alternative.

A hard money home loan in North Hills boasts what is probably most desired by real estate investors — a very fast closing in as little as two weeks. Aside from that, loans are made up to 70% loan-to-value of the "as is" home's valuation, as calculated by a licensed appraiser. With loan rates starting out around 10%, hard money real estate loans might seem, at first glance, to be more costly when compared with traditional bank financing. But if you understand these loans are not long-term home loans, the rate tends to be misleading. Short-term loans of a couple of months to a handful of years are best looked at as cost of capital, similar to any other expense involved with a project. When you have sold the home and have made a good profit, you can get back this expense from the property or home — the same as recuperating the money spent on the brand-new kitchen appliances that you've installed.

Besides, hard money mortgages are easy qualifying, even if you posses poor credit. As an alternative for focusing only on the applicant's credit score or net income, North Hills hard money lenders, who may be a private company or an individual person, authorize a loan after evaluating the home value, its marketability, its location, and the probability of recovering their capital should they have to foreclose the loan. On top of that, if the person can demonstrate prior experience in similar real estate ventures, can place down money for the down payment, and the price of comparable homes in the vicinity works in his favor, he has an excellent likelihood of being approved to obtain a hard money real estate loan.

So in case you have found a really great real estate opportunity with a huge chance of returns, you have also discovered a hard money lender in North Hills who is willing to finance your fix and flip ventures. Submit the form or call us to discuss your property or properties.