Hard Money Loans in Terrell Hills

Suppose you've encountered this truly good deal for a fix and flip property in a great neighborhood, and you're either a seasoned real estate investor or a newbie who is looking to try his hand at flipping. Expert residential home flippers, similar to the young married couple on Flip or Flop, HGTV's reality flipping show, are capable of bringing in a profit of $40-$50k for most homes. And indeed, they are helped in a major way via their professional knowledge, auction abilities and understanding of hard money loans. However, you're assured that your first class rehab and remodeling abilities will enable you to do a quality job on this project — furthermore, you have already lined up one of the most sought after contractors in the area to take care of this job.

But money is usually a separate problem altogether. A conventional lender, like for example a bank, takes at least 1 to 2 months to consent to the financing and hand over the monies. Considering that the home owners want a fast closing, that does not appear to be a good option to you at all.

As well as this, for those who have a sub-optimal credit situation or don't receive a regular income, it can be tougher for you to be eligible for bank financing, seeing the more stringent loan guidelines banks have put in place of late. So will inadequate financing stop you from pursuing your ambitions? Definitely not, seeing as you always have the Terrell Hills hard money loan alternative.

When you opt for a hard money home loan in Terrell Hills, you have access to what's possibly most essential to real estate offers across the country — a fast closing of roughly two weeks. Additionally, loan amounts are made up to 70% loan-to-value of the as-is house value, as calculated by a licensed appraiser. With loan rates starting out around 10%, hard money real estate loans may appear, at first, to be more pricey as compared with traditional bank loans. But the time frames of these loans are quite shorter, which means the rate is less important. The cost of such short-term loans should be looked at much like every other financial outlay that you would encounter during the project. Right after you renovate and resell the house, recovering this expense is no different than recouping the money you spent for stainless steel appliances you placed into the house.

Moreover, even an individual with low credit can easily qualify for a hard money mortgage. Instead of focusing solely on the borrower's credit score or source of income, Terrell Hills hard money lenders, who may be a private company or an individual person, say yes to a loan as a result of examining the property value, its salability, its location, and the odds of getting back their capital should they have to foreclose the loan. Additional variables that affect an applicant's eligibility for a hard money real estate loan can include how much he can put towards a down payment, his former experience being a real estate investor, and price range of comparative, fairly recently sold residences nearby.

So if you have stumbled on a wonderful fixer-upper with a huge chance of returns, you have also found yourself a hard money lender in Terrell Hills that is happy to fund your fix and flip project. Enter your info into the form on this page or give us a call and let's talk about the property you have in mind.

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Investment property loans only please, no primary residences at this time.