Hard Money Loans in Oswego

There's this outstanding possibility for rehabbing and flipping this nice out of date house in a good location and it looks like the one you've been expecting for quite some time. Expert house flippers, like the young couple on Flip or Flop, HGTV's reality flipping program, are capable of generating a profit of forty to fifty grand on average. Without question, their rehabbing experience, knowledge of hard money loans, expertise in their market, and auction skills have played an important role in their successes. However, you're assured that your superb rehab and renovation skills will help you do a quality job on this home — what's more, you already have arranged to have one of the finest general contractors in the area to take on this job.

But how do you obtain the needed financing for flipping? A traditional lender, like for example a bank, takes at least 1-2 months to consent to the mortgage and deliver the cash. Considering that all the home owners are looking for a fast closing, that doesn't appear to be a good idea to you at all.

On top of this, banks have been tightening their lending standards in recent times, making it tough for people to obtain an ordinary home loan if their credit situation is not perfect or he does not possess a regular salaried occupation. So must you stop trying and forego your dream to get into the real estate market? Certainly not, given that you always have the Oswego hard money loan option.

A hard money home loan in Oswego can provide what is considered crucial to most real estate sales — a very fast closing of just a couple of weeks and sometimes less. Additionally, financing is made up to 70% loan-to-value of the as-is valuation, as established by a qualified appraiser. With the interest rates starting near 10%, hard money real estate loans may appear, at first glance, to be more costly as compared with traditional bank lending products. But if you understand these are not long-term home loans, the rate of interest can be misleading. Short-term loans of several months to a few years are best approached as cost of capital, similar to all other expenditures associated with a project. And when you have turned the house, recovering this expense is the exact same as recuperating the expense for the bathroom improvements you performed.

Furthermore, even someone with weak credit can easily qualify for a hard money mortgage. The applicant's credit score will not be the lone deciding factor for Oswego hard money lenders — they also consider the home, how much it is worth, its location, and its capacity to earn back their investment if everything does not work out as planned. Adding to this, if the person can demonstrate past experience in comparable real estate endeavors, can put down cash towards the down payment, and the price of equivalent homes in the area works in his favor, he will have a really good likelihood of being approved for a hard money real estate loan.

So should you come across a good and lucrative flipping opportunity, rest assured you will have a hard money lender in Oswego, in a position to lend you the money that you need. Enter your info into the contact form on this page or give us a call and let's discuss your project.

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Investment property loans only please, no primary residences at this time.