There's this amazing opportunity to renovate and flip this nice outdated condo in a very good area and it seems a lot like the deal you've been looking forward to for a long time. You may have heard that competent house flippers, much like the couple on HGTV's Flip or Flop, turn an impressive average return near forty to fifty thousand dollars. It's fair to say their rehabbing experience, knowledge of hard money loans, expertise in their market, and auction talents have been large factors to their successes. Nevertheless, you are assured that your first class rehab and remodeling knowledge can help you do an outstanding job on the project — what's more, you've already lined up one of the finest building contractors in the area to work on this job.

But where do you find the necessary financing for home flipping? When you apply for a conventional bank loan, you will end up waiting around somewhere around 1 to 2 months until eventually the mortgage loan is approved and the funding is available. With all the sellers looking for a fast closing, that does not appear like a good idea to you whatsoever.

On top of this, banks have been tightening up their lending requirements in recent times, making it difficult for people to receive a typical home loan if their credit score is not perfect or he doesn't have a consistent salaried occupation. So do you have to admit defeat and abandon your desire to venture off into real estate? Under no circumstances, particularly while Salina hard money loans can help you achieve great things in the real estate market.

A hard money home loan in Salina promises what is perhaps most essential to real estate investors — a fast closing in as few as a few weeks. And additionally, loan amounts can be made up to 70% loan-to-value of the "as is" valuation, as established by a licensed appraiser. At first glance, hard money real estate loans, with starting interest rates of 10%, could be seen as costlier than bank lending options. But in reality, the interest rate is not as relevant for these loans, simply because they will never be long-term financing. The price of such short-term loans ought to be evaluated much like any other expense that you will have to meet pertaining to the project. And when you have sold the house, recuperating this expense is the exact same as recuperating the expense for the bathroom or other upgrades you did.

Additionally, it is easy to qualify for a hard money mortgage, regardless if your credit situation is not that impressive. Rather than focusing solely on the person's credit score or wages, Salina hard money lenders, who could be a privately owned company or an individual, say yes to a loan as a result of assessing the home value, ease of marketability, where it is located, and the odds of recovering their money in case of foreclosure. Several other variables that affect a borrower's acceptance for a hard money real estate loan include the amount he can put towards a down payment, his past experience being a real estate investor, and price range of comparable, fairly recently sold residences in the neighborhood.

So if you have stumbled upon a wonderful fixer-upper with a huge prospect of returns, you've also discovered a hard money lender in Salina that is prepared to finance your rehab ventures. Submit the form or give us a call and let's talk about the property or properties you have in mind.