There is this amazing possibility for renovating and flipping this wonderful out of date property or home in a fantastic area and it seems a lot like the one you have been eagerly waiting on for a long time. You've probably heard that professional property flippers, such as the married couple on HGTV's Flip or Flop, enjoy an impressive average profit margin close to forty to fifty thousand dollars. Undoubtedly, you also realize that their successes can be attributed to the simple fact that they are industry experts, are knowledgeable in hard money loans, they know the market really well and in addition, they are good at working a public auction to purchase their properties at a reasonable deal. Still, your rehab and remodeling knowledge isn't that bad either — in any case, you have already identified a suitable general contractor to take on this project.

But funding is often a different issue altogether. Should you go after a normal loan via a bank, you will have to wait approximately one to two months until the money is approved and the funding is readily available. So if you're hoping for a fast closing, it's important to realize that this could set you back by a couple of weeks, causing you to miss out on the house.

With banks bringing in harder loan criteria in recent times, it has become much harder for a self-employed individual to get a home loan, particularly if his credit situation is not optimal. So does that mean you are without an option, but to give up your dream of venturing into home renovating? By no means, especially while Portland hard money loans enable you to accomplish many amazing things in the real estate market.

A hard money home loan in Portland offers you what's considered imperative to most real estate transactions — a quick closing of just a 2-3 weeks and at times even less. Plus, the LTV value can range up to 70% of the property value, as determined by a certified appraiser. Some people regard hard money real estate loans to be more expensive than customary loans, since the interest rates of such loans usually start off at 10%. But once you appreciate that these are not long-term home loans, the rate of interest tends to be misleading. When it comes to short-term loans of 1 or 2 years or even less, you should consider them the same as you would for every other expense for your project. After you fix up and resell the property, recuperating this expense is the same as recovering the expense for home appliances you installed in the home.

Moreover, even an individual with bad credit will be able to qualify for a hard money mortgage. Instead of focusing strictly on the borrower's credit score or income, Portland hard money lenders, who may be a private company or an individual, authorize a loan as a result of analyzing the home value, how easy it will be to market, its location, and the possibility of recouping their capital in case they have to foreclose the loan. Adding to that, if the borrower can demonstrate prior experience in equivalent real estate endeavors, can put down money towards a down payment, and the price of similar houses in the neighborhood works in his favor, he will have a very good shot of qualifying to get a hard money real estate loan.

So if you have stumbled on a really good home to flip with a high prospect of returns, you've also discovered a hard money lender in Portland who's happy to provide funding for your flipping project. Complete the form or call us and let's talk about the property you have in mind.