There is this amazing opportunity to fix and flip this wonderful old home in a good location and it seems like the one you've been looking forward to for quite a while. You may have heard that professional house flippers, like the husband and wife on HGTV's Flip or Flop, have an impressive average return of around $40,000 – $50,000. And indeed, they are aided in a major way due to their professional knowledge, auction expertise and knowledge of hard money loans. Nonetheless, your rehab and remodeling knowledge isn't bad either — aside from that, you've already identified the right building contractor to handle the home.

But where precisely do real estate investors find funding? A standard lending institution, like for example a bank, takes at the very least one to two months to authorize the mortgage and provide the monies. Because most home owners would rather have a fast closing, it may be best to begin searching for some other funding options.

With banks bringing in tougher loan criteria in recent times, it's become much harder for a self-employed person to obtain a mortgage loan, especially if his credit situation is not flawless. So should you stop trying and abandon your ambition to venture into real estate? By no means, especially when Washington hard money loans enable you to realize great things in the real estate world.

If you should apply for a hard money home loan in Washington, you have access to what is possibly most important to real estate transactions across the country — a very fast closing of roughly 2 weeks. Aside from that, financing can be made up to 70% loan-to-value of the "as is" valuation, as determined by a qualified appraiser. With the interest rates starting around 10%, hard money real estate loans might seem, initially, to be more expensive in comparison with traditional bank loans. But if you appreciate that these are not long-term home loans, the rate may be misleading. The price of such short-term loans ought to be viewed much like every other expenditure that you will have to meet for the project. When you have turned the house and have made a good return, you'll be able to reclaim this expense from the house — just like recuperating the money necessary for the brand-new appliances for the kitchen that you have put in.

Besides, hard money mortgages are not hard to qualify for, even when you posses below-average credit. Washington hard money lenders do not approve a loan exclusively according to the borrower's credit score — rather they will evaluate the property, its valuation and location, and the home's ability to pay back the financing independent of the borrower. On top of that, if the borrower have proven experience in comparable real estate projects, can place down money towards the down payment, and the price of comparative properties in the neighborhood works in his favor, he has a good chance of qualifying to get a hard money real estate loan.

Locating a hard money lender in Washington to cover expenses for your fix and flip endeavor is not difficult, provided that the opportunity that lies ahead of you is promising and possesses a good prospect for returns. Fill out the form on this page or call us to talk about the property you have in mind.