Hard Money Loans in Pana

There's this outstanding possibility for rehabbing and flipping this nice out of date condo in a good area and it looks like the deal you have been expecting for quite some time. You've heard that competent house flippers, much like the married couple on HGTV's Flip or Flop, enjoy an impressive average profit margin close to forty to fifty thousand dollars. And sure, they are aided in a big way via their professional know-how, auction expertise and understanding of hard money loans. Still, your rehab and renovation knowledge isn't that bad either — besides, you have already identified a suitable general contractor to handle the job.

But money is often a different question entirely. A typical lender, say for example a bank, takes at least 1 to 2 months to consent to the loan and deliver the money. Since most sellers would prefer a fast closing, it may be best to begin seeking out additional funding alternatives.

With banks adding harder loan criteria in recent years, it has become more challenging for a self-employed individual to find a home loan, particularly if his credit situation is not optimal. So should you admit defeat and abandon your ambition to venture off into the real estate market? Absolutely not, because you also have the Pana hard money loan option.

A hard money home loan in Pana offers you what's deemed imperative to most real estate transactions — a very fast closing of only a few weeks and sometimes even less. Also, hard money lenders are capable of doing lending up to 70% LTV of the property or home value, as assessed by a certified third-party evaluation. With loan rates starting off near 10%, hard money real estate loans might appear, initially, to be more pricey as compared with conventional bank financing. But the lengths of these loans are rather short, which means the interest rate is much less important. The price tag on such short-term loans ought to be considered much like any other expenditure that you would need to meet for the project. When you have sold the house and have made a successful profit, you can reclaim this expense from the property — much like recuperating the money necessary for the brand-new appliances for the kitchen that you installed.

Apart from this, hard money mortgages are not difficult to qualify for, regardless if you have bad credit. Rather than focusing solely on the borrower's credit score or net income, Pana hard money lenders, who could be a private company or an individual person, approve a loan after assessing the property value, its marketability, its location, and the odds of recuperating their money should they have to foreclose the loan. Adding to this, if the borrower can demonstrate prior experience in similar real estate ventures, can put down money for the down payment, and the price of similar houses in the area works to his benefit, he has got a good chance of being eligible to obtain a hard money real estate loan.

So any time you come across a very good and lucrative investment opportunity, rest assured you'll have a hard money lender in Pana, able to loan you the cash you may need. Fill out the form or get in touch with us via phone to talk about the project you have in mind.

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