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Suppose that you've run across this truly good bargain on a fix and flip property you found in an ideal neighborhood, and you're either a skilled real estate investor or a newbie who hopes to try his hand at flipping. You may have heard that veteran property flippers, like the married couple on HGTV's Flip or Flop, have a remarkable average return close to $40,000 – $50,000. No need to explain that their rehabbing experience, understanding of hard money loans, familiarity with the housing market, and auction skills have had a big role in their results. However, you are assured that your first class rehab and remodeling abilities will enable you to do a great job on this home — additionally, you have already lined up one of the finest building contractors in the business to work on this job.
But where precisely can real estate investors find financing? In the event you get in touch with a standard lender, like a bank for funding, it can take, at the very least, four to eight weeks for your acceptance to come through and the funds to be given out. Given that sellers prefer a fast closing, you might want to start looking for additional financing options.
With banks bringing in tougher loan standards in the last few years, it is now harder for a self-employed individual to obtain a mortgage loan, especially if his credit circumstances are not optimal. So do you have to give up and abandon your aspiration to embark into real estate? Under no circumstances, especially when South Carolina hard money loans can help you achieve many amazing things in real estate.
A hard money home loan in South Carolina provides what is possibly most essential to real estate investors — a quick closing time of as little as fourteen days. Plus, the LTV value can go up to 70% of the home value, as evaluated by a competent appraiser. On the surface, hard money real estate loans, with starting lending rates of 10%, could be seen as more costly than bank financing. But the term lengths for these loans tend to be quite short, which means the interest rate is far less important. The price tag on such short-term loans should be evaluated much like any other financial outlay that you would encounter in the course of the project. When you have resold the house and have made a positive profit, you'll be able to reclaim this expense from the house — much like recovering the money spent on the brand-new kitchen appliances that you put in.
Aside from that, hard money mortgages are easy qualifying, whether or not you have got a weak credit score. The person's credit score will not be the single determining factor for South Carolina hard money lenders — they also evaluate the property, its market value, where it is located, and its capacity to bring back their investment if things should not work out as planned. On top of this, if the applicant can demonstrate prior experience in equivalent real estate projects, can place down money towards the down payment, and the price of similar houses in the neighborhood works to his benefit, he has got a very good chance of qualifying to obtain a hard money real estate loan.
Searching for a hard money lender in South Carolina to finance your real estate project is not difficult, as long as the opportunity that lies ahead of you is promising and possesses a strong potential for returns. Complete the contact form on this page or get in touch with us via phone and let's discuss your property or properties.
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