Suppose you've run across this excellent bargain on a fix and flip property in an ideal location, and you are either a seasoned real estate investor or a newbie who hopes to try out flipping houses. Expert property flippers, such as the young married couple on Flip or Flop, HGTV's reality flipping program, are capable of generating a gain of $40-$50k on most projects. And indeed, they are aided in a major way as a result of their professional experience, auction skills and knowledge of hard money loans. Still, your rehab and remodeling skills aren't that bad either — aside from that, you've already located an ideal building contractor to handle this home.

But where precisely can real estate investors obtain funds? In the event you approach a customary lending institution, like a bank for a loan, it likely will take, at the very least, 30-60 days for the approval to come through and your money to be dispersed. Given that home owners favor a fast closing, it may be best to begin looking for some other funding alternatives.

With banks introducing tougher loan standards in the past several years, it is now more difficult for a self-employed individual to find a mortgage loan, particularly if his credit rating is not perfect. So does this mean you have no option, but to abandon your ambition to venture into flipping? Never, considering that you could always go the Roslyn hard money loan route to finance your rehab project.

A hard money home loan in Roslyn gives you what is deemed essential to most real estate transactions — a very fast closing of only a 2-3 weeks and sometimes less. What's more, the LTV value can reach up to 70% of the property value, as determined by a certified appraiser. At first glance, hard money real estate loans, with starting lending rates of 10%, appear to be higher priced than bank loans. But when you appreciate that these are not long-term home loans, the rate can be misleading. Short-term loans of several months to a handful of years are best understood as cost of capital, very much like any other expense involved with a project. And when you've turned the property, recouping this expense is the exact same as recuperating the expense for all the bathroom upgrades you performed.

What's more, it isn't difficult to be eligible for a a hard money mortgage, even if your credit score is not that impressive. Roslyn hard money lenders do not authorize a loan strictly based on the borrower's credit score — instead they also examine the property, its value and location, and the property's capability to pay back the loan independent of the person. Several other variables that influence a customer's eligibility for a hard money real estate loan can include how much he can put towards a down payment, his previous experience being a real estate investor, and price of comparable, just recently sold homes in the area.

So if you have stumbled upon a wonderful home to flip with a huge probability of returns, you have also discovered a hard money lender in Roslyn who is prepared to finance your flipping projects. Complete the form on this page or call us and let's discuss your property.