You discovered this outstanding possibility for renovating and flipping this nice old property in a very good area and it looks a lot like the one you have been wanting for quite a while. Many people know that knowledgeable professional flippers, like Tarek and Christina El Moussa who do HGTV's reality home flipping series, Fix or Flop, can make a typical profit of forty to fifty thousand dollars when they flip properties. Undoubtedly, you also are aware that their success are credited to the fact that they are industry experts, are well versed in hard money loans, they know the marketplace quite well and additionally, they know how to work an auction for getting a reasonable deal. Nonetheless, your rehab and remodeling knowledge isn't that bad either — besides, you've already identified the right general contractor to start the home.

But financing is usually a separate issue entirely. If you apply for a traditional loan from the bank, you will have to wait around somewhere around 1-2 months before the financing is authorized and your money is readily available. Because most sellers give preference to a fast closing, you might have to begin searching for additional funding options.

On top of this, banks have already been tightening their lending criteria in recent years, making it difficult for someone to obtain a traditional home loan if their credit situation is not perfect or he is lacking a regular salaried occupation. So will a shortage of funding prevent you from sticking with your dream? Absolutely not, given that you always have the San Antonio hard money loan option.

A hard money home loan in San Antonio provides what's probably most important to real estate investors — a quick closing time period of as little as 14 days. Also, hard money lenders are able to do funding up to 70% LTV of the property value, as estimated by a professional third-party evaluator. With rates starting out around 10%, hard money real estate loans might seem, at first glance, to be more expensive in comparison with traditional bank financing. But once you consider these are not long-term mortgage loans, the rate may be misleading. Short-term loans of a couple months to a handful of years are best understood as cost of capital, the same as all other expenses in connection with a project. And when you have finally sold the property, recuperating this expense is identical to recovering the expense for the bathroom updates you performed.

What's more, it isn't difficult to be eligible for a hard money mortgage, even when your credit situation is not that great. Instead of focusing exclusively on the borrower's credit score or income, San Antonio hard money lenders, who could be a private company or an individual person, authorize a loan after evaluating the home value, its salability, where it is located, and the probability of recuperating their money in case of foreclosure. How much an individual can put down in advance for the property or home, how much practical experience he has in real estate investments, and selling price of comparative homes in the same area are additional details that go into analyzing a borrower's suitability for a hard money real estate loan.

Locating a hard money lender in San Antonio to fund your renovation project is not hard, provided that the opportunity that lies before you is promising and boasts a strong potential for returns. Fill out the form on this page or give us a call and let's talk about your project.