You discovered this phenomenal opportunity to rehab and flip this nice out of date condo in a fantastic area and it seems a lot like the deal you've been wanting for a long time. Professional house flippers, like the young couple on Flip or Flop, HGTV's reality flipping series, are capable of bringing in a profit of $40-$50k on a consistent basis. Of course, you also recognize that their results can be credited to the fact that they're experts, are knowledgeable in hard money loans, they know the market quite well and they also are good at working a public auction to buy their properties at a reasonable price. However, you're assured that your impressive rehab and renovation knowledge will enable you to do an outstanding job on this project — what's more, you already have lined up one of the best contractors in the business to take care of the job.

But how can you find the necessary capital for flipping? For those who approach a common lending institution, like a bank for financing, it can take, at the very least, 4-8 weeks for the acceptance to come through and the funds to be furnished. Since the majority of sellers give preference to a fast closing, you might want to start searching for additional funding alternatives.

To add to it, banks have been tightening up their lending requirements in recent times, rendering it more challenging for a person to receive a conventional home loan if their credit rating is not flawless or he is lacking a regular salaried occupation. So does that mean you have no option, but to give up your dream of venturing into flipping? Certainly not, because you can always use the Universal City hard money loan approach to pay for your rehab project.

A hard money home loan in Universal City offers you what is deemed imperative to most real estate transactions — a fast closing of just a couple of weeks and oftentimes even less. Besides that, hard money lenders are capable of doing loans up to 70% LTV of the home value, as identified by a qualified third-party evaluator. On the surface, hard money real estate loans, with starting interest rates of 10%, seem to be more costly than bank financing. But the lengths of these loans are quite shorter, which makes the rate less significant. As it pertains to short-term loans of one or two years or even less, you should consider them just like you would other expenses for your project. And once you have turned the house, recuperating this expense is comparable to recuperating the expense for all the bathroom updates you did.

Besides, hard money mortgages are not hard to qualify for, even when you have got less-than-perfect credit. Instead of focusing primarily on the applicant's credit score or source of income, Universal City hard money lenders, who may be a private company or an individual person, authorize a loan after analyzing the home value, its marketability, its location, and the odds of recovering their capital in case of foreclosure. Other criteria that affect a person's eligibility for a hard money real estate loan include how much money he can put towards a down payment, his past experience being a real estate investor, and selling price of similar, just recently sold residences in the vicinity.

So in case you have stumbled on a really great home to flip with a huge potential for returns, you've also found yourself a hard money lender in Universal City that is willing to fund your fix and flip projects. Complete the form on this page or give us a call to talk about the property you have in mind.