Suppose that you've encountered this truly good deal for a fix and flip property in a terrific location, and you are either an experienced real estate investor or a first-timer who hopes to try his hand at flipping. A majority of people know that knowledgeable professional flippers, along the lines of Tarek and Christina El Moussa from HGTV's reality home flipping show, Fix or Flop, can readily generate a typical profit of forty to fifty thousand dollars in their rehab business. Undoubtedly, you also realize that their results can be attributed to the simple fact that they are experts, are knowledgeable in hard money loans, they understand the market quite well and they also are good at working a public auction to buy their homes at a reasonable price. Having said that, you have likewise been brushing up your rehab and renovation knowledge, have a very good general contractor ready for the project and are positive that you're capable of doing a great job on this house.

But money is a different problem altogether. If you apply for a normal loan from the bank, you will end up waiting around roughly 4-8 weeks up until the time the money is authorized and your money is accessible. Given that home owners wish to have a fast closing, you might have to begin looking for other financing alternatives.

On top of this, banks have been tightening their lending criteria in recent years, rendering it more hard for someone to obtain a typical home loan if their credit circumstances are not perfect or he does not have a regular salaried job. So will a lack of funds stop you from pursuing your aspirations? Most certainly not, given that you always have the Oklahoma City hard money loan option.

A hard money home loan in Oklahoma City provides you with what is possibly most important to real estate investors — a fast closing time of as few as two weeks. Further, financing can be done for up to 70% loan-to-value of the "as is" value, as deemed by a professional appraiser. Some people consider hard money real estate loans to be higher in price than standard loans, since the interest rates for these loans ordinarily start off at 10%. But usually, the interest rate isn't as pertinent for these loans, since they will never be long-term loans. When it comes to short-term loans of several years or even less, you should consider them much like you would other expenses for your project. And when you've flipped the property, recuperating this expense is comparable to recuperating the expense for the bathroom or other updates you did.

Also, it isn't difficult to be eligible for a a hard money mortgage, even in the event your credit score is not that extraordinary. Oklahoma City hard money lenders don't approve a loan exclusively based on the applicant's credit score — instead they additionally look at the home, where it is located and how much it is worth, and the property's capacity to pay back the financing without the assistance of the borrower. Other 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 prior experience as a real estate investor, and selling price of similar, recently sold homes in the area.

So if you have stumbled on a wonderful real estate opportunity with a huge chance of returns, you've also found yourself a hard money lender in Oklahoma City that is willing to finance your fix and flip projects. Enter your info into the form or give us a call to discuss your property or properties.