There is this amazing possibility for fixing and flipping this wonderful old house in a good location and it looks like the deal you've been eagerly waiting on for quite some time. Professional property flippers, much like the young couple on Flip or Flop, HGTV's reality flipping series, are able to generate a gain of $40-$50k on most projects. And without a doubt, they are helped in a big way by their professional know-how, auction skills and familiarity with hard money loans. Nevertheless, you're assured that your impressive rehab and remodeling abilities will help you do an outstanding job on the home — furthermore, you already have lined up one of the most suggested building contractors in the area to take on this job.

But how do you obtain the needed funding for flipping? When you go after an ordinary loan from the bank, you will have to wait roughly one to two months before the money is approved and the funds are available. Given that home owners would prefer a fast closing, it may be advisable to start seeking out some other financing options.

With banks adding harder loan standards in the recent past, it is now more difficult for a self-employed individual to obtain a mortgage loan, especially if his credit rating is not perfect. So should you stop trying and abandon your dream to venture off into real estate? By no means, especially while Stafford hard money loans enable you to realize great things in the real estate world.

A hard money home loan in Stafford gives you what is considered crucial to most real estate deals — a very fast closing of just a couple of weeks and sometimes even less. Plus, the LTV value can go up to 70% of the home value, as estimated by a competent appraiser. With the rates starting at about 10%, hard money real estate loans may appear, at first, to be higher priced compared to conventional bank lending products. But the time frames of these loans tend to be quite shorter, which means the interest rate is much less important. The cost of such short-term loans should be evaluated much like every other expense that you will have to meet for the project. And when you have finally sold the property or home, recuperating this expense is comparable to recuperating the expense for the bathroom upgrades you performed.

Apart from this, hard money mortgages are not hard to qualify for, regardless if you posses a low credit score. Stafford hard money lenders do not take on a loan solely according to the person's credit score — instead they will assess the home, its value and location, and the property's capacity to pay back the financing without the assistance of the borrower. On top of that, if the person have proven experience in comparable real estate projects, can put down cash for the down payment, and the cost of equivalent properties in the area works in his favor, he has got an excellent chance of qualifying to obtain a hard money real estate loan.

So if you have stumbled upon a really good fixer-upper with a high probability of returns, you have also discovered a hard money lender in Stafford who's prepared to provide financing for your flipping projects. Submit the form on this page or get in touch with us via phone to discuss the project you have in mind.