An outstanding bargain on a fix and flip opportunity in a good neighborhood shows up out of the blue — sounds too good to be true. Expert house flippers, such as the young couple on Flip or Flop, HGTV's reality flipping series, are capable of generating a gain of $40-$50k on a regular basis. And yes, they are helped in a big way as a result of their professional experience, auction skills and knowledge of hard money loans. However, you are assured that your impressive rehab and remodeling abilities will assist you to do a quality job on the home — in addition, you already have lined up one of the best building contractors in town to take on the project.

But money is usually a separate problem entirely. A standard lending institution, like for example a bank, takes no less than 1 to 2 months to approve the loan and release the money. Because most home owners wish to have a fast closing, you may want to start looking for additional financing options.

On top of this, banks have already been tightening up their lending criteria as of late, rendering it more challenging for people to receive an ordinary loan if their credit circumstances are not perfect or he doesn't have a regular salaried profession. So does this leave you with no option, but to give up your aspiration of venturing into the fix and flip business? Absolutely not, seeing as you also have the South Windsor, Connecticut hard money loan option.

A hard money home loan in South Windsor provides what's considered vital to many real estate deals — a quick closing of only a few weeks and at times even less. And additionally, financing can be made up to 70% loan-to-value of the as-is property value, as deemed by a qualified appraiser. With the interest rates starting off around 10%, hard money real estate loans might appear, at first glance, to be more expensive in comparison with traditional bank financing. But usually, the rate of interest isn't as pertinent for these loans, since they will never be long-term loans. When it comes to short-term loans of a few years or less, you should think of them just like you would other expenditures for your project. Right after you remodel and sell off the property, recovering this expense is just like recuperating the one for home appliances you placed into the place.

Besides, hard money mortgages are not hard to qualify for, regardless if you posses below-average credit. As an alternative for focusing primarily on the borrower's credit score or net income, South Windsor hard money lenders, who may be a privately owned company or an individual person, authorize a loan after analyzing the home value, ease of marketability, where it is located, and the possibility of recouping their money in case they have to foreclose the loan. On top of this, if the applicant can demonstrate past experience in comparable real estate ventures, can put down money for the down payment, and the cost of similar properties in the neighborhood works in his favor, he stands a really good chance of qualifying for a hard money real estate loan.

So in case you have found an excellent real estate opportunity with a significant chance of returns, you have also stumbled upon a hard money lender in South Windsor that's prepared to provide funding for your fix and flip projects. Fill out the contact form on this page or give us a call to talk about the property you have in mind.