There is this amazing possibility for renovating and flipping this wonderful outdated home in a very good location and it looks a lot like the one you have been eagerly waiting on for quite a while. You may have heard that veteran home flippers, like the husband and wife on HGTV's Flip or Flop, have a remarkable average profit margin of around forty to fifty thousand dollars. And without a doubt, they are aided in a big way due to their professional experience, auction abilities and understanding of hard money loans. Having said that, you have likewise been cultivating your rehab and remodeling skills, have a very good licensed contractor ready for the project and are confident that you're capable of doing a bang up job on this home.

But how can real estate investors get funding? A standard lender, say for example a bank, takes at the very least 1-2 months to approve the mortgage and hand over the funds. Since most sellers would rather have a fast closing, you may want to begin seeking out additional funding alternatives.

With banks bringing in tougher loan criteria in the past several years, it's become tougher for a self-employed person to get a home loan, especially when his credit rating is not flawless. So should you give up and forego your ambition to venture off into fix and flips? Certainly not, because you also have the Ocean Pointe hard money loan option.

A hard money home loan in Ocean Pointe provides you with what is probably most sought after by real estate investors — a quick closing in as few as 14 days. Plus, the LTV value can range up to 70% of the property value, as determined by a credentialed appraiser. With the lending rates starting out near 10%, hard money real estate loans might appear, at first, to be more costly compared to conventional bank lending products. But when you consider these are not long-term loans, the rate can be misleading. Short-term loans of a couple months to a few years are best understood in terms of cost of capital, similar to any other financial outlay involved with a project. And when you've flipped the home, recouping this expense is comparable to recovering the expense for the bathroom improvements you did.

Additionally, it is simple to be eligible for a hard money mortgage, even if your credit situation is not that great. The applicant's credit score will not be the lone deciding factor for Ocean Pointe hard money lenders — they also analyze the home, its market valuation, its location, and its ability to bring back their investment if everything does not go as planned. Several other factors that impact an applicant's acceptance for a hard money real estate loan can include what amount of money he can put towards a down payment, his past experience as a real estate investor, and selling price of comparative, fairly recently sold residences in the area.

Searching for a hard money lender in Ocean Pointe to fund your renovation project is not very hard, provided that the opportunity in front of you is promising and boasts the right potential for returns. Complete the form on this page or give us a call to talk about your property or properties.