Hard Money Loans in Ripley

Suppose that you've come across this really great deal for a fix and flip property you found in a terrific location, and you are either an experienced real estate investor or a newbie who is looking to try his hand at flipping. Professional home flippers, like the young married couple on Flip or Flop, HGTV's reality flipping program, are able to earn a profit of $40-$50k on a regular basis. Undoubtedly, you also realize that their great results are due to the fact that they're experts, are knowledgeable in hard money loans, they understand the marketplace really well and in addition, they know how to work an auction for getting an appropriate price. With that being said, you've recently been brushing up your rehab and remodeling knowledge, have a very good contractor arranged and are positive that you will be able to do a stellar job for this house.

But how exactly do real estate investors get financing? A conventional lender, like for example a bank, takes a minimum of one to two months to consent to the financing and hand over the capital. With the home owners looking for a fast closing, that does not appear to be a wise idea to you at all.

Moreover, if you have an unfavorable credit rating or do not receive a regular source of income, it is normally more challenging for you to be eligible for a bank loan, with the tighter loan requirements banks have put in place as of late. So do you have to stop trying and forego your ambition to embark into the real estate market? Definitely not, because you also have the Ripley hard money loan option.

A hard money home loan in Ripley provides what is possibly most important to real estate investors — a very fast closing time period of as little as 2 weeks. Furthermore, hard money lenders will often consent to funding up to 70% LTV of the property value, as estimated by a credentialed third-party evaluation. With the interest rates starting out around 10%, hard money real estate loans might seem, at first, to be more costly when compared with conventional bank loans. But usually, the interest rate is not as useful a measure for these loans, since they are not long-term loans. When it comes to short-term loans of several years or less, you should think about them identical to any sort of other expense for the project. And when you've finally turned the property or home, recovering this expense is the exact same as recuperating the expense for the bathroom improvements you performed.

What's more, it is easy to qualify for a hard money mortgage, even in the event your credit situation is not that extraordinary. Instead of focusing primarily on the borrower's credit score or net income, Ripley hard money lenders, who can be a private company or an individual person, say yes to a loan after analyzing the home value, ease of marketability, its location, and the probability of recovering their capital in the event of foreclosure. On top of this, if the person can demonstrate prior experience in comparable real estate ventures, can put down cash for a down payment, and the value of comparable homes in the area works in his favor, he will have a really good shot of being eligible to get a hard money real estate loan.

So any time you run into a really good and profitable flipping opportunity, feel comfortable knowing you will have a hard money lender in Ripley, willing to lend you the funds you need. Enter your info into the contact form on this page or give us a call and let's 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.