There is this outstanding possibility for fixing and flipping this wonderful outdated condo in a fantastic area and it seems a lot like the one you've been eagerly waiting on for quite some time. You may have heard that veteran home flippers, much like the married couple on HGTV's Flip or Flop, turn a remarkable average profit margin of around $40,000 – $50,000. And sure, they are aided in a major way due to their professional experience, auction abilities and knowledge of hard money loans. Nonetheless, your rehab and renovation knowledge isn't bad either — aside from that, you've already identified a good building contractor to take on this job.

But where do you obtain the needed funding for home flipping? A traditional lender, like for example a bank, takes at least 1 to 2 months to consent to the loan and release the money. Considering that the home owners are wanting to find a fast closing, that does not appear like a good option to you at all.

What's more, in case you have a less-than-perfect credit rating or don't receive a conventional source of income, it may be more challenging to be eligible for bank financing, seeing the stricter loan criteria banks have issued in recent times. So does this mean you are without an option, but to give up your dream to venture into home flipping? By no means, especially when Seabrook hard money loans can help you achieve many amazing things in real estate.

Should you obtain a hard money home loan in Seabrook, you'll get what's possibly most important to real estate offers across the country — a fast closing of around two weeks. Also, hard money lenders can do loans up to 70% LTV of the property or home value, as determined by a professional third-party evaluator. A number of people believe hard money real estate loans to be costlier than ordinary financing, because the interest rates for such loans generally start off at 10%. But if you understand these loans are not long-term home loans, the rate of interest can be misleading. The price tag on such short-term loans should be evaluated on par with any other expense that you would encounter in the course of the project. And as soon as you have sold the property or home, recuperating this expense is comparable to recovering the expense for all the bathroom updates you did.

Moreover, even individuals with weak credit can still qualify for a hard money mortgage. As an alternative for focusing only on the applicant's credit score or source of income, Seabrook hard money lenders, who may be a private company or an individual, say yes to a loan as a result of analyzing the property value, its marketability, where it is located, and the possibility of recouping their capital if they have to foreclose the loan. Adding to this, if the person have proven experience in similar real estate projects, can place down cash towards a down payment, and the price of equivalent properties in the vicinity works in his favor, he has got an excellent chance of being eligible to obtain a hard money real estate loan.

So should you come across an outstanding and worthwhile flipping opportunity, be assured you'll have a hard money lender in Seabrook, ready to lend you the capital you will need. Fill out the form on this page or give us a call and let's talk about the project you have in mind.