Hard Money Loans in The Colony

You discovered this outstanding opportunity to rehab and flip this wonderful outdated property or home in a good location and it seems a lot like the deal you have been eagerly waiting on for quite a while. Everybody knows that skilled professional flippers, such as Tarek and Christina El Moussa who do HGTV's reality flipping show, Fix or Flop, are able to make an average profit margin of forty to fifty thousand dollars in their rehab business. It goes without saying their past experiences rehabbing, understanding of hard money loans, expertise in their market, and auction talents have been major factors to their success. That said, you've likewise been developing your rehab and remodeling skills, have got a licensed contractor ready to go and are positive that you will be able to do a great job on this property.

But where precisely can real estate investors get funding? When you meet with a regular lending institution, such as a bank for funding, it can take, at a minimum, 4-8 weeks for the approval to be completed and your funds to be distributed. Thus if you are wishing for a fast closing, it's important to understand that this may cost you weeks, causing you to miss out on the sale.

With banks introducing tougher loan standards in the last few years, it is now more challenging for a self-employed person to get a mortgage loan, especially when his credit circumstances are not perfect. So will a shortage of financing prevent you from following your dream? Not at all, particularly while The Colony hard money loans enable you to achieve many amazing things in the real estate market.

A hard money home loan in The Colony gives you what is regarded as crucial to most real estate transactions — a very fast closing of just a couple of weeks and more often than not even less. In addition, the LTV value can range up to 70% of the property value, as determined by a credentialed appraiser. With lending rates starting out around 10%, hard money real estate loans may seem, at first glance, to be higher in price in comparison with conventional bank lending products. But usually, the interest rate is not as relevant for these loans, given that they aren't long-term financing. Short-term loans of a couple months to a handful of years are best approached as cost of capital, much like any other expense involved with a project. After you renovate and unload the property, recouping this expense is the same as recouping the cost of the new kitchen appliances you installed in the house.

What's more, it's easy to obtain a hard money mortgage, even in the event your credit score is not that impressive. The Colony hard money lenders don't authorize a loan strictly based on the borrower's credit score — instead they additionally assess the property or home, its valuation and location, and the property's ability to pay back the financing independent of the applicant. Adding to that, if the applicant can demonstrate past experience in equivalent real estate projects, can place down money towards the down payment, and the cost of comparable homes in the neighborhood works to his benefit, he will have a good likelihood of being eligible for a hard money real estate loan.

So should you run into a very good and lucrative flipping opportunity, relax knowing you'll have a hard money lender in The Colony, in a position to lend you the money that you need. Fill out the contact form on this page or call us 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.