An outstanding bargain on a fix and flip opportunity in a nice subdivision shows up out of the blue — seems so good that it is difficult to believe. Everyone knows that knowledgeable professional flippers, along the lines of Tarek and Christina El Moussa who do HGTV's reality flipping series, Fix or Flop, can readily earn a typical profit margin of $40,000 to $50,000 in their rehab business. It's fair to say their rehabbing experience, knowledge of hard money loans, familiarity with the housing market, and auction skills have been large factors to their results. However, you're convinced that your superb rehab and remodeling skills can help you do an outstanding job on the project — furthermore, you already have arranged to have one of the finest general contractors in the area to handle the job.

But how do real estate investors find funding? A typical lending institution, for instance a bank, takes at a minimum one to two months to authorize the financing and hand over the monies. Given that sellers give preference to a fast closing, you may want to begin looking for some other funding alternatives.

With banks establishing harder loan guidelines in recent years, it is now harder for a self-employed individual to find a mortgage loan, especially if his credit circumstances are not perfect. So will inadequate funds stop you from sticking to your aspirations? By no means, because you can always go the Oakdale hard money loan route to finance your home renovating project.

A hard money home loan in Oakdale promises what is probably most sought after by real estate investors — a very fast closing time of as few as a few weeks. Plus, the LTV value can go up to 70% of the home value, as evaluated by a certified appraiser. With the interest rates starting around 10%, hard money real estate loans may appear, at first, to be more costly in comparison with conventional bank financing. But the time frames of these loans tend to be quite shorter, which makes the rate far less important. When it comes to short-term loans of a few years or even less, you should look at them similar to every other expense for your project. And once you have sold the property or home, recuperating this expense is comparable to recovering the expense for the bathroom upgrades you did.

What's more, it's easy to be eligible for a hard money mortgage, even in the event your credit rating is not that superb. Rather than focusing exclusively on the person's credit score or wages, Oakdale hard money lenders, who may be a privately owned company or an individual, authorize a loan after assessing the property value, its marketability, its location, and the likelihood of recovering their money in the event of foreclosure. Additional criteria that influence a customer's acceptance for a hard money real estate loan include how much money he is able to put into a down payment, his previous experience being a real estate investor, and selling price of comparative, recently sold properties in the area.

Locating a hard money lender in Oakdale to finance your renovation project is not difficult, as long as the opportunity that lies ahead of you is promising and boasts a good prospect for returns. Complete the contact form or call us and let's talk about the property or properties you have in mind.