Suppose you've stumbled upon this truly good deal for a fix and flip property located in a terrific location, and you're either a skilled real estate investor or a first-timer who is looking to try out flipping homes. You've heard that professional home flippers, similar to the husband and wife on HGTV's Flip or Flop, turn an impressive average return of around forty to fifty thousand dollars. And yes, they are helped in a big way due to their professional know-how, auction expertise and familiarity with hard money loans. Still, your rehab and remodeling skills aren't that bad either — besides, you've already identified a suitable contractor to tackle this home.

But how can you obtain the needed capital for flipping? When you get in touch with a regular lending institution, much like a bank for financing, it's more than likely going to take, at the very least, thirty to sixty days for the acceptance to be completed and the funds to be furnished. With the home owners looking for a fast closing, that doesn't appear to be a good option to you in the slightest.

To add to it, banks have already been tightening their lending standards as of late, rendering it more hard for a person to receive a conventional loan if their credit situation is not flawless or he doesn't have a regular salaried profession. So does that leave you with no other option, but to drop your dream of venturing into flipping? Most certainly not, because you always have the Selinsgrove hard money loan alternative.

A hard money home loan in Selinsgrove offers you what is viewed as crucial to many real estate sales — a very fast closing of only a few weeks and oftentimes even less. Aside from that, loan amounts are made up to 70% loan-to-value of the "as is" valuation, as calculated by a qualified appraiser. Some individuals believe hard money real estate loans to be higher in price than standard financing, because the interest rates for such loans ordinarily start out at 10%. But usually, the lending rate is not as relevant for these loans, since they are not long-term loans. When it comes to short-term loans of a few years or even less, you should think about them just like you would other expenditures for the project. And as soon as you've finally sold the house, recuperating this expense is identical to recovering the expense for the bathroom improvements you performed.

Apart from this, hard money mortgages are not difficult to qualify for, even in the event you have less-than-perfect credit. As an alternative for focusing primarily on the applicant's credit score or source of income, Selinsgrove hard money lenders, who could be a privately owned company or an individual, authorize a loan after assessing the home value, ease of marketability, its location, and the possibility of recovering their money should they have to foreclose the loan. The amount that an individual can put down in advance towards the house, how much practical experience he has in real estate investing, and selling price of comparative properties in the vicinity are other details that go into ascertaining an individual's suitability for a hard money real estate loan.

So any time you run into an outstanding and lucrative flipping opportunity, relax knowing you'll have a hard money lender in Selinsgrove, in a position to loan you the funds you need. Enter your info into the form or give us a call to talk about your property.