There is this phenomenal opportunity to rehab and flip this nice old house in a very good location and it looks like the deal you've been eagerly waiting on for quite some time. You've heard that professional property flippers, like the husband and wife on HGTV's Flip or Flop, turn an impressive average return close to forty to fifty thousand dollars. And without a doubt, they are helped in a big way due to their professional experience, auction skills and understanding of hard money loans. Still, your rehab and remodeling skills aren't bad either — besides, you've already found a good general contractor to handle this project.

But funding is usually a different issue entirely. A typical lender, say for example a bank, takes no less than 1 to 2 months to authorize the mortgage and release the monies. Because most home owners would prefer a fast closing, you might want to begin looking for additional funding options.

What's more, in case you have an unfavorable credit situation or don't receive a routine source of income, it usually is more difficult to be eligible for a bank financing, considering the more stringent loan criteria banks have issued of late. So will a lack of funds keep you from pursuing your dream? Certainly not, given that you always have the Portland, Connecticut hard money loan option.

A hard money home loan in Portland offers what is deemed imperative to many real estate sales — a fast closing of just a couple of weeks and at times less. And additionally, loan amounts can be made up to 70% loan-to-value of the as-is house value, as determined by a qualified appraiser. With the loan rates starting off near 10%, hard money real estate loans might appear, initially, to be more pricey in comparison with traditional bank lending products. But the term lengths for these loans tend to be rather short, which makes the rate less important. As it pertains to short-term loans of a handful of years or even less, you should consider them much like you would other expenses for the project. After you remodel and resell the property, recovering this expense is the same as recouping the money you spent for stainless steel appliances you placed into the place.

Apart from this, hard money mortgages are not difficult to qualify for, regardless if you have got bad credit. Portland hard money lenders do not approve a loan solely judging by the person's credit score — rather they additionally examine the property or home, its value and location, and the property's capacity to pay back the loan by itself. Several other factors that affect an applicant's eligibility for a hard money real estate loan can include how much he is able to put into a down payment, his prior experience being a real estate investor, and price of comparable, just recently sold homes in the area.

So any time you run into a very good and worthwhile investment opportunity, relax knowing you'll have a hard money lender in Portland, in a position to lend you the money you may need. Complete the form on this page or get in touch with us via phone to talk about the property you have in mind.