There's this amazing opportunity to renovate and flip this wonderful old home in a good location and it looks like the one you have been wanting for a long time. You've probably heard that competent home flippers, like the husband and wife on HGTV's Flip or Flop, enjoy a remarkable average return near $40,000 – $50,000. And yes, they are aided in a major way via their professional experience, auction abilities and understanding of hard money loans. Nonetheless, your rehab and renovation knowledge isn't that bad either — besides, you have already found a suitable general contractor to tackle this project.

But financing can be a separate issue entirely. If you apply for a traditional loan from the bank, you will have to wait approximately 4-8 weeks until the mortgage loan is authorized and the funds are readily available. With the home owners seeking a fast closing, that does not appear to be a good option to you whatsoever.

Furthermore, if you have an unfavorable credit situation or do not receive a conventional income, it is normally more challenging to be eligible for bank financing, seeing the tougher loan requirements banks have put in place recently. So does that leave you with no other option, but to drop your aspiration to venture into flipping? Absolutely not, because you always have the Olney hard money loan option.

If you get a hard money home loan in Olney, you're going to get what's probably most essential to real estate negotiations throughout the country — a very fast closing of approximately 2 weeks. Plus, the LTV value can range up to 70% of the property value, as estimated by a certified appraiser. On the surface, hard money real estate loans, with starting lending rates of 10%, appear to be higher in price than bank lending options. But the lengths of these loans are relatively short, which means the rate is less important. When it comes to short-term loans of several years or even less, you should think of them identical to any sort of other expense for your project. And when you have finally sold the property, recouping this expense is comparable to recovering the expense for all the bathroom improvements you performed.

In addition, even a person with weak credit can easily qualify for a hard money mortgage. Rather than focusing only on the person's credit score or wages, Olney hard money lenders, who can be a privately owned company or an individual person, authorize a loan as a result of examining the property value, ease of marketability, where it is located, and the odds of recuperating their money should they have to foreclose the loan. Several other criteria that impact an individual's acceptance for a hard money real estate loan include what amount of money he is able to put into a down payment, his past experience as a real estate investor, and price of comparative, fairly recently sold properties nearby.

So if you have found a really good home to flip with a huge prospect of returns, you've also found yourself a hard money lender in Olney that's ready to provide financing for your fix and flip ventures. Enter your info into the contact form or get in touch with us via phone to discuss the project you have in mind.