Hard Money Loans in Sewickley

A fabulous deal on a fix and flip property located in a nice subdivision suddenly shows up — sounds so good that it is hard to believe. Everybody knows that expert professional flippers, like Tarek and Christina El Moussa who do HGTV's reality flipping series, Fix or Flop, can readily turn an average profit of $40,000 to $50,000 when they rehab properties. And indeed, they are aided in a major way due to their professional know-how, auction skills and knowledge of hard money loans. Nonetheless, your rehab and renovation skills aren't bad either — besides, you've already identified an ideal building contractor to start the project.

But where do real estate investors find funds? Should you approach a common lending institution, like a bank for financing, it likely will take, at the very least, 4-8 weeks for your approval to come through and the money to be distributed. With all the home owners looking for a fast closing, that does not seem like a good option to you whatsoever.

As well as this, if you have a sub-optimal credit situation or don't have a consistent income source, it may be more difficult for you to be eligible for a a bank loan, considering the tougher loan criteria banks have put in place in recent times. So does this leave you with no other option, but to give up your dream of venturing into rehabbing? Under no circumstances, particularly while Sewickley hard money loans enable you to achieve great things in the real estate market.

A hard money home loan in Sewickley offers what is deemed essential to most real estate transactions — a quick closing of just a 2-3 weeks and at many times less. Also, hard money lenders will often consent to funding up to 70% LTV of the property's valuation, as estimated by a credentialed third-party appraiser. Some individuals regard hard money real estate loans to be higher priced than standard loans, because the interest rates for these loans normally start at 10%. But usually, the lending rate isn't as pertinent for these loans, simply because they aren't long-term financing. Short-term loans of several months to a handful of years are best thought of as cost of capital, the same as any other expense associated with a project. When you have turned the home and have made a positive gain, you're able to recover this expense from the property — much like recouping the cost of brand-new kitchen appliances that you have put in.

In addition, even individuals with bad credit can easily qualify for a hard money mortgage. The customer's credit score will not be the sole determining factor for Sewickley hard money lenders — additionally, they look at the home, its market valuation, its location, and its potential to bring back their financial commitment if everything does not go as intended. The amount that a person can put down beforehand for the house, his real estate experience, and price range of comparable homes in the same area are additional details that go into ascertaining a person's suitability for a hard money real estate loan.

So should you run into a good and worthwhile investment opportunity, rest assured you'll have a hard money lender in Sewickley, prepared to loan you the money you'll need. Submit the contact form on this page or get in touch with us via phone to talk about the property or properties you have in mind.

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