Hard Money Loans in Quincy

A fantastic buy on a fix and flip opportunity located in an excellent area of the city all of a sudden shows up — sounds so good that it is difficult to believe. You've heard that veteran house flippers, such as the couple on HGTV's Flip or Flop, enjoy a remarkable average return near $40,000 – $50,000. Without question, their past experiences rehabbing, understanding of hard money loans, expertise in their market, and auction skills have played a significant role in their results. On the other hand, you are convinced that your first class rehab and renovation talents will enable you to do a superb job on this property — furthermore, you already have arranged to have one of the most suggested building contractors in the area to take on the project.

But how can real estate investors get capital? A typical lending institution, for instance a bank, takes at least 1-2 months to consent to the loan and provide the cash. Because most home owners wish to have a fast closing, you may want to begin seeking out other financing options.

With banks introducing more challenging loan standards in the last few years, it is now more difficult for a self-employed individual to find a mortgage loan, especially when his credit rating is not perfect. So does that leave you with no other option, but to abandon your ambition of venturing into flipping? Never, due to the fact you can always use the Quincy hard money loan approach to finance your rehab project.

A hard money home loan in Quincy boasts what is probably most crucial to real estate investors — a fast closing time period of as few as fourteen days. And additionally, financing can be made up to 70% loan-to-value of the as-is home value, as determined by a qualified appraiser. Some individuals consider hard money real estate loans to be higher in price than ordinary loans, since the lending rates of such loans generally start off at 10%. But if you consider these loans are not long-term loans, the rate of interest can be misleading. When it comes to short-term loans of a handful of years or less, you should think of them similar to any kind of other expense for your project. Right after you renovate and sell off the property, recovering this expense is no different than recuperating the expense for new kitchen appliances you installed in the place.

What's more, it is easy to obtain a hard money mortgage, even if your credit situation is not that impressive. Quincy hard money lenders don't approve a loan exclusively according to the applicant's credit score — instead they additionally assess the home, its location and value, and the property's capability to pay back the loan independent of the borrower. Several other factors that influence a borrower's acceptance for a hard money real estate loan can include the amount he is in a position to put into a down payment, his previous experience as a real estate investor, and selling price of similar, recently sold homes nearby.

So if you have stumbled upon a really great fixer-upper with a high chance of returns, you have also discovered a hard money lender in Quincy who is happy to fund your rehab venture. Fill out the form or call us and let's talk about your property.

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