There is this amazing opportunity to renovate and flip this wonderful old condo in a good part of town and it looks like the deal you have been looking forward to for quite a while. Professional residential home flippers, much like the young married couple on Flip or Flop, HGTV's reality flipping program, are able to bring in a profit of $40-$50k for the majority of homes. And without a doubt, they are aided in a big way due to their professional knowledge, auction skills and knowledge of hard money loans. Still, your rehab and remodeling skills aren't bad either — besides, you have already found the right licensed contractor to tackle the job.

But financing can be a separate question altogether. If you meet with a standard lending institution, much like a bank for a mortgage loan, it is likely going to take, at the very least, four to eight weeks for the approval to be completed and the funds to be sent out. Given that home owners prefer a fast closing, it may be advisable to start seeking out other financing alternatives.

With banks establishing harder loan guidelines in the past several years, it has become more challenging for a self-employed individual to get a mortgage loan, particularly if his credit rating is not flawless. So will a lack of funds prevent you from sticking to your aspirations? Absolutely not, seeing as you also have the Southampton, Massachusetts hard money loan option.

If you decide to opt for a hard money home loan in Southampton, you have access to what's probably most essential to real estate purchases across the country — a very fast closing of about 2 weeks. Aside from that, loan amounts are made up to 70% loan-to-value of the "as is" house's valuation, as calculated by a professional appraiser. Some people regard hard money real estate loans to be higher in price than customary financing, because the interest rates for these loans generally start out at 10%. But the lengths of these loans are comparatively shorter, which means the rate is much less important. When it comes to short-term loans of several years or even less, you should look at them similar to every other expense for the project. And when you've finally sold the property or home, recuperating this expense is comparable to recuperating the expense for the kitchen and bath upgrades you performed.

What's more, it is easy to obtain a hard money mortgage, even in the event your credit rating is not that extraordinary. The borrower's credit score is not the single deciding factor for Southampton hard money lenders — in addition, they look at the property, its market valuation, its location, and its potential to earn back their financial commitment if everything does not work out as intended. Other criteria that have an impact on an applicant's eligibility for a hard money real estate loan can include how much money he is able to put into a down payment, his previous experience as a real estate investor, and price range of similar, just recently sold homes in the area.

So should you run into a very good and profitable investment opportunity, rest assured you will have a hard money lender in Southampton, in a position to loan you the funds you'll need. Fill out the contact form on this page or call us and let's discuss the property you have in mind.