Hard Money Loans in Sanger

You discovered this phenomenal possibility for renovating and flipping this wonderful outdated home in a very good area and it looks like the one you have been eagerly waiting on for quite a while. You've heard that veteran home flippers, much like the married couple on HGTV's Flip or Flop, have an impressive average profit near forty to fifty thousand dollars. And without a doubt, they are helped in a big way as a result of their professional experience, auction abilities and understanding of hard money loans. Still, your rehab and renovation knowledge isn't bad either — aside from that, you've already located the right contractor to start the home.

But where can you find the needed funding for home flipping? A conventional lender, like for example a bank, takes a minimum of one to two months to approve the financing and hand over the funds. With all the home owners seeking a fast closing, that doesn't appear to be a good option to you in the slightest.

With banks introducing more challenging loan criteria in the past several years, it is now much harder for a self-employed individual to obtain a home loan, especially when his credit situation is not optimal. So will inadequate funding prevent you from following your ambitions? Absolutely not, given that you always have the Sanger hard money loan option.

A hard money home loan in Sanger gives you what's considered imperative to most real estate deals — a fast closing of just a couple of weeks and more often than not even less. Further, financing can be done for up to 70% loan-to-value of the as-is home's valuation, as calculated by a professional appraiser. With the interest rates starting off around 10%, hard money real estate loans might appear, initially, to be higher in price as compared with conventional bank lending products. But the lengths of these loans tend to be relatively shorter, which means the rate is far less important. Short-term loans of a couple of months to a few years are best understood in terms of cost of capital, the same as every other financial outlay associated with a project. Right after you remodel and sell off the property, recouping this expense is just like recovering the money you spent for home appliances you installed in the house.

Furthermore, even someone with poor credit can easily be eligible for a hard money mortgage. The borrower's credit score isn't the single determining factor for Sanger hard money lenders — additionally, they look at the home, its market valuation, where it is located, and its potential to earn back their investment if things do not go as planned. The total amount that an applicant can put down in advance towards the home, his real estate experience, and selling price of equivalent properties in the same area are other details that go into determining an applicant's suitability for a hard money real estate loan.

If you happen to have found a really good fixer-upper with a huge chance of returns, you've also discovered a hard money lender in Sanger that is ready to fund your rehab projects. Submit the contact form or get in touch with us via phone to discuss the property you have in mind.

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