Imagine you've encountered this really great bargain for a fix and flip property in a great location, and you're either an experienced real estate investor or a newbie who hopes to try his hand at flipping. Professional residential home flippers, like the young married couple on Flip or Flop, HGTV's reality flipping program, are capable of hauling in a profit of forty to fifty grand on the majority of projects. No need to explain that their rehabbing experience, understanding of hard money loans, familiarity with the market, and auction talents have been major factors to their results. That said, you've likewise been brushing up your rehab and renovation skills, have a very good general contractor ready for the project and are confident that you will be able to do a great job on this house.

But money is usually a different issue entirely. In the event you approach a regular lending institution, much like a bank for a loan, it in all likelihood will take, as a minimum, thirty to sixty days for the acceptance to come through and your money to be accessible. So if you happen to be hoping for a fast closing, it is important to understand or know that this will cost you a couple of weeks, causing you to miss out on the sale.

On top of this, banks have already been tightening up their lending criteria as of late, making it difficult for people to receive a conventional home loan if their credit score is not perfect or he does not have a consistent salaried profession. So will inadequate funding keep you from following your ambitions? Certainly not, seeing as you always have the Social Circle hard money loan alternative.

A hard money home loan in Social Circle offers you what is regarded as vital to many real estate deals — a very fast closing of only a few weeks and oftentimes even less. Also, hard money lenders will often consent to funding up to 70% LTV of the property value, as assessed by a credentialed third-party evaluation. With loan rates starting out at about 10%, hard money real estate loans might appear, at first glance, to be higher priced in comparison with traditional bank loans. But usually, the lending rate isn't as useful a measure for these loans, given that they will never be long-term financing. The price of such short-term loans should be considered much like every other cost that you will encounter in the course of the project. After you fix up and sell the property, recouping this expense is the same as recouping the money you spent for stainless steel appliances you installed in the place.

Besides, hard money mortgages are easy qualifying, even if you have got below-average credit. Instead of focusing only on the person's credit score or source of income, Social Circle hard money lenders, who can be a privately owned company or an individual person, say yes to a loan as a result of examining the home value, how easy it will be to market, where it is located, and the possibility of recuperating their money in the event of foreclosure. How much of their own money a person can put down in advance towards the home, how much practical experience he has in real estate investments, and price range of equivalent properties in the same neighborhood are additional factors that go into analyzing an individual's suitability for a hard money real estate loan.

So should you run into a really good and lucrative investment opportunity, relax knowing you will have a hard money lender in Social Circle, willing to lend you the money you will need. Submit the contact form or call us to discuss the property you have in mind.