Hard Money Loans in Presidio

You discovered this outstanding opportunity to renovate and flip this wonderful out of date condo in a fantastic location and it seems a lot like the one you've been wanting for quite a while. You've probably heard that competent house flippers, such as the married couple on HGTV's Flip or Flop, turn an impressive average profit of around $40,000 – $50,000. And indeed, they are helped in a major way by their professional experience, auction skills and familiarity with hard money loans. Still, your rehab and remodeling knowledge isn't that bad either — in any case, you've already found the right building contractor to tackle this home.

But how can real estate investors get capital? A conventional lender, say for example a bank, takes no less than 1-2 months to authorize the mortgage and hand over the monies. Given that sellers prefer a fast closing, you might want to begin seeking out some other financing alternatives.

Furthermore, should you have a less-than-perfect credit score or don't have a regular income source, it usually is tougher to be eligible for a bank financing, with the tighter loan guidelines banks have put in place in recent times. So should you stop trying and forego your dream to venture into fix and flips? Under no circumstances, particularly while Presidio hard money loans can help you realize great things in the real estate market.

A hard money home loan in Presidio provides you with what's probably most essential to real estate investors — a quick closing in as few as two weeks. Also, hard money lenders frequently agree to loans up to 70% LTV of the property or home's valuation, as assessed by a certified third-party appraiser. Some individuals believe hard money real estate loans to be higher priced than regular loans, considering lending rates for such loans normally start out at 10%. But in reality, the lending rate isn't as pertinent for these loans, because they will never be long-term loans. Short-term loans of a couple of months to a few years are best thought of as cost of capital, very much like any other financial outlay in connection with a project. Right after you renovate and unload the home, recouping this expense is no different than recuperating the cost of the stainless steel appliances you put in the place.

Apart from this, hard money mortgages are easy qualifying, regardless if you have got a bad credit rating. The applicant's credit score will not be the primary determining factor for Presidio hard money lenders — additionally, they consider the house, its market value, where it is located, and its potential to return their financial commitment if things do not go as planned. On top of this, if the applicant can demonstrate prior experience in comparable real estate endeavors, can put down money towards a down payment, and the price of equivalent houses in the area works to his benefit, he has got a good shot of qualifying for a hard money real estate loan.

So should you run into an outstanding and worthwhile flipping opportunity, be assured you'll have a hard money lender in Presidio, in a position to lend you the funds you'll need. Fill out the contact form or give us a call and let's discuss the property or properties you have in mind.

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