There's this outstanding opportunity to fix and flip this nice old condo in a fantastic part of town and it seems like the deal you've been wanting for quite some time. You've heard that veteran house flippers, like the couple on HGTV's Flip or Flop, have an impressive average return of around $40,000 – $50,000. Naturally, you also know that their results are due to the simple fact that they are experts, are proficient in hard money loans, they know the marketplace really well and they also know how to work an auction for getting a reasonable price. However, you're convinced that your impressive rehab and remodeling skills can help you do an outstanding job for this home — in addition, you already have lined up one of the finest building contractors in the area to take care of this project.

But financing is usually a different question entirely. A conventional lending institution, like for example a bank, takes at a minimum 1-2 months to consent to the mortgage and hand over the cash. With the home owners wanting a fast closing, that does not appear to be a wise idea to you at all.

On top of this, banks have already been tightening their lending standards in recent years, rendering it more hard for a person to get a regular loan if their credit situation is not perfect or he does not possess a regular salaried profession. So do you have to admit defeat and abandon your desire to venture off into the real estate market? Not at all, particularly while Paris hard money loans will assist you to realize many amazing things in the real estate market.

A hard money home loan in Paris can provide what is considered imperative to most real estate deals — a very fast closing of just a few weeks and at times even less. And additionally, loan amounts can be done for up to 70% loan-to-value of the "as is" valuation, as deemed by a professional appraiser. A number of people consider hard money real estate loans to be more expensive than ordinary loans, considering interest rates for these loans usually start out at 10%. But usually, the interest rate is not as relevant for these loans, given that they will never be long-term financing. The cost of such short-term loans should be considered on par with every other cost that you might encounter in the course of the project. And as soon as you've turned the house, recuperating this expense is comparable to recovering the expense for the bathroom updates you performed.

Also, it's easy to be eligible for a a hard money mortgage, regardless if your credit situation is not that impressive. Paris hard money lenders don't authorize a loan strictly based on the person's credit score — instead they will evaluate the home, where it is located and what it is worth, and the home's capacity to pay back the loan independent of the applicant. How much of their own money an applicant can put down in advance for the property, how much practical experience he has in real estate investments, and price range of equivalent homes in the neighborhood are additional factors that go into determining a person's qualification for a hard money real estate loan.

So if you have found a really good home to flip with a huge potential for returns, you've also discovered a hard money lender in Paris who's happy to fund your flipping venture. Enter your info into the contact form or call us to discuss the project you have in mind.