There is this outstanding possibility for rehabbing and flipping this nice outdated condo in a fantastic part of town and it looks a lot like the deal you've been looking forward to for a long time. Everyone knows that skilled professional flippers, like Tarek and Christina El Moussa who do HGTV's reality home flipping program, Fix or Flop, can earn a typical profit margin of forty to fifty thousand dollars when they rehab properties. And without a doubt, they are aided in a major way due to their professional know-how, auction expertise and familiarity with hard money loans. Still, your rehab and renovation skills aren't that bad either — aside from that, you have already identified a suitable licensed contractor to handle the project.

But where do you find the needed funding for flipping? When you get in touch with a standard lending institution, such as a bank for a loan, it's likely going to take a minimum of 4-8 weeks for your acceptance to be completed and the money to be sent out. Given that home owners would rather have a fast closing, you may want to start looking for some other financing options.

Moreover, for those who have a sub-optimal credit rating or do not receive a consistent income source, it is normally tougher for you to qualify for bank financing, considering the tighter loan guidelines banks have introduced in recent times. So will inadequate financing stop you from pursuing your ambitions? By no means, especially while Victor hard money loans will assist you to realize many amazing things in the real estate market.

A hard money home loan in Victor offers you what is regarded as essential to many real estate sales — a fast closing of just a few weeks and more often than not even less. Aside from that, financing is made up to 70% loan-to-value of the "as is" house's valuation, as deemed by a professional appraiser. With the rates starting off near 10%, hard money real estate loans may look, initially, to be more pricey in comparison with traditional bank financing. But when you appreciate that these are not long-term home loans, the interest rate may be misleading. When it comes to short-term loans of several years or less, you should think of them the same as you might for every other expense for your project. Right after you fix up and sell the home, recouping this expense is just like recouping the one for new kitchen appliances you placed into the property.

Also, it is easy to be eligible for a hard money mortgage, regardless of whether your credit situation is not that impressive. Instead of focusing exclusively on the applicant's credit score or income, Victor hard money lenders, who could be a privately owned company or an individual person, authorize a loan after assessing the property value, its salability, where it is located, and the probability of recouping their capital if they have to foreclose the loan. Other criteria that impact a person's acceptance for a hard money real estate loan can include what amount of money he is able to put towards a down payment, his prior experience being a real estate investor, and price of similar, recently sold properties in the area.

So any time you run into a good and lucrative investment opportunity, feel comfortable knowing you'll have a hard money lender in Victor, ready to lend you the funds you may need. Complete the form on this page or give us a call to talk about your project.