An incredible buy on a fix and flip opportunity located in a good area of the city shows up out of the blue — seems too good to be true. Expert house flippers, like the young couple on Flip or Flop, HGTV's reality flipping program, are capable of generating a gain of $40-$50k on a consistent basis. It goes without saying their rehabbing experience, knowledge of hard money loans, expertise in their housing market, and auction skills have been large factors to their success. Nonetheless, your rehab and renovation skills aren't that bad either — in any case, you've already found a good building contractor to tackle the job.

But capital can be a different problem altogether. If you apply for a conventional bank loan, you will end up waiting somewhere around 30-60 days up until the mortgage loan is approved and your funds are accessible. Thus if you are hoping for a fast closing, it is important you understand or know that this could set you back by a couple of weeks, making you miss out on the house.

On top of this, banks have been tightening their lending standards in recent times, which makes it difficult for a person to obtain a regular loan if their credit score is not flawless or he is lacking a regular salaried job. So will a lack of financing prevent you from following your dream? Never, because you could always go the Painted Post hard money loan route to finance your home renovating project.

A hard money home loan in Painted Post offers you what's regarded as vital to most real estate transactions — a quick closing of only a few weeks and at many times even less. Plus, the LTV value can go up to 70% of the home value, as estimated by a competent appraiser. With lending rates starting at about 10%, hard money real estate loans may look, at first glance, to be higher priced in comparison with conventional bank lending products. But the term lengths for these loans tend to be comparatively short, which makes the interest rate less important. When it comes to short-term loans of a handful of years or even less, you should think of them the same as you would for every other expense for the project. And as soon as you have flipped the house, recovering this expense is comparable to recovering the expense for the bathroom or other upgrades you performed.

Additionally, it's easy to be eligible for a hard money mortgage, regardless if your credit situation is not that great. The person's credit score is not the lone determining factor for Painted Post hard money lenders — additionally, they analyze the piece of real estate, how much it is worth, where it is located, and its capability to bring back their investment if everything does not go as intended. Several other factors that impact a customer's eligibility for a hard money real estate loan can include the amount he can put towards a down payment, his past experience being a real estate investor, and price range of comparative, fairly recently sold homes in the vicinity.

So in case you have stumbled on a really great home to flip with a significant probability of returns, you have also discovered a hard money lender in Painted Post that is prepared to fund your flipping venture. Fill out the contact form on this page or get in touch with us via phone to talk about the property you have in mind.