Hard Money Loans in Slatington

A fantastic bargain on a fix and flip opportunity in a good neighborhood all of a sudden shows up — seems so good that it's hard to believe. You've heard that veteran house flippers, like the husband and wife on HGTV's Flip or Flop, turn a remarkable average return close to forty to fifty thousand dollars. Undoubtedly, you also understand that their successes are due to the simple fact that they're experts, are well versed in hard money loans, they understand market trends really well and they also are good at working a public auction for getting an appropriate price. Nonetheless, your rehab and renovation knowledge isn't bad either — besides, you have already located an ideal licensed contractor to start the project.

But where precisely do real estate investors obtain capital? A traditional lender, like for example a bank, takes at least 1-2 months to authorize the mortgage and hand over the cash. So if you will be hoping for a fast closing, you must be aware that this could cost you weeks, causing you to lose out on the house.

On top of this, banks have already been tightening their lending standards as of late, rendering it more hard for someone to receive a regular home loan if their credit rating is not perfect or he doesn't have a regular salaried profession. So must you give up and forego your ambition to venture into fix and flips? Not at all, especially while Slatington hard money loans can help you achieve great things in real estate.

A hard money home loan in Slatington provides you with what's probably most desired by real estate investors — a very fast closing time period of as little as 14 days. Also, hard money lenders are able to do lending up to 70% LTV of the home's valuation, as determined by a qualified third-party appraiser. With lending rates starting off at about 10%, hard money real estate loans may appear, at first, to be higher priced as compared with conventional bank loans. But in reality, the interest rate is not as pertinent for these loans, since they aren't long-term loans. Short-term loans of a couple of months to a few years are best approached in terms of cost of capital, much like any other financial outlay in connection with a project. And when you've finally flipped the property or home, recouping this expense is identical to recovering the expense for the kitchen and bath updates you performed.

What's more, it isn't difficult to be eligible for a a hard money mortgage, even if your credit rating is not that superb. Slatington hard money lenders don't approve a loan exclusively based on the applicant's credit score — instead they also assess the property, its location and value, and the home's capability to pay back the loan independent of the applicant. On top of that, if the individual can demonstrate past experience in comparable real estate projects, can place down cash towards the down payment, and the cost of comparable houses in the area works to his benefit, he has a good chance of qualifying to get a hard money real estate loan.

So any time you come across an outstanding and worthwhile flipping opportunity, rest assured you will have a hard money lender in Slatington, willing to lend you the cash you may need. Submit the form on this page or get in touch with us via phone and let's talk about your property or properties.

Request More Information

A loan specialist will be in touch shortly

Personal Info

Project Info

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