Hard Money Loans in Preston

You discovered this amazing opportunity to renovate and flip this nice out of date condo in a very good part of town and it seems a lot like the one you have been expecting for a long time. Professional residential home flippers, much like the young couple on Flip or Flop, HGTV's reality flipping show, are able to earn a gain of $40-$50k for most homes. Naturally, you also know that their results can be credited to the simple fact that they are experts, are knowledgeable in hard money loans, they understand the market quite well and additionally, they are good at working a public auction to buy their homes at an appropriate price. Nevertheless, you're certain that your impressive rehab and remodeling knowledge will help you do a quality job on this property — furthermore, you already have arranged to have one of the best building contractors in town to handle this project.

But where can you find the needed funding for home flipping? A standard lending institution, like for example a bank, takes at a minimum 1 to 2 months to approve the loan and deliver the money. Considering that all the sellers are wanting to find a fast closing, that does not appear to be a good idea to you at all.

With banks bringing in tougher loan guidelines in the past several years, it is more difficult for a self-employed individual to obtain a home loan, especially when his credit score is not perfect. So will a shortage of funding prevent you from sticking to your dream? Certainly not, seeing as you also have the Preston hard money loan option.

If you should apply for a hard money home loan in Preston, you'll get what's perhaps most important to real estate purchases throughout the country — a quick closing of about two weeks. And additionally, loan amounts can be done for up to 70% loan-to-value of the "as is" property's valuation, as established by a licensed appraiser. At first glance, hard money real estate loans, with starting lending rates of 10%, appear to be more expensive than bank lending products. But usually, the interest rate isn't as pertinent for these loans, since they will never be long-term loans. The cost of such short-term loans ought to be looked at on par with any other financial outlay that you might encounter in the course of the project. And as soon as you've finally flipped the house, recuperating this expense is the exact same as recuperating the expense for all the bathroom updates you performed.

Moreover, even an individual with weak credit can easily qualify for a hard money mortgage. Preston hard money lenders don't take on a loan strictly based on the person's credit score — instead they additionally evaluate the property or home, its value and location, and the home's capability to pay back the financing by itself. Several other criteria that impact a customer's acceptance for a hard money real estate loan can include how much money he can put towards a down payment, his past experience as a real estate investor, and price of comparable, fairly recently sold properties nearby.

So should you come across a really good and worthwhile flipping opportunity, feel comfortable knowing you will have a hard money lender in Preston, equipped to lend you the cash that you need. Fill out the form or give us a call to discuss the project you have in mind.

Request More Information

A loan specialist will be in touch shortly

Personal Info

Project Info

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