Hard Money Loans in Watkinsville

Suppose you've run into this truly good bargain on a fix and flip property located in a terrific neighborhood, and you happen to be either a seasoned real estate investor or a first-timer who wants to try his hand at flipping. Professional home flippers, such as the young married couple on Flip or Flop, HGTV's reality flipping series, are capable of generating a gain of forty to fifty grand on average. It's fair to say their past experiences rehabbing, knowledge of hard money loans, expertise in their market, and auction skills have had a significant part in their results. Nevertheless, you're convinced that your superb rehab and remodeling talents can help you do a quality job on the property — furthermore, you already have arranged to have one of the finest contractors in town to handle the project.

But how can real estate investors find money? For those who approach a customary lending institution, like a bank for a loan, it more than likely will take at least thirty to sixty days for your acceptance to come through and your funds to be given out. Because most sellers favor a fast closing, it may be advisable to start looking for other financing alternatives.

With banks bringing in more challenging loan criteria in the past few years, it's become harder for a self-employed person to find a home loan, especially when his credit score is not perfect. So do you have to stop trying and forego your ambition to venture into fix and flips? Never, on the grounds that you can always use the Watkinsville hard money loan approach to pay for your flipping project.

A hard money home loan in Watkinsville promises what's possibly most crucial to real estate investors — a very fast closing time of as few as two weeks. Plus, the LTV value can reach up to 70% of the home value, as determined by a credentialed appraiser. A number of people believe hard money real estate loans to be costlier than ordinary loans, considering lending rates for these loans normally start off at 10%. But if you appreciate that these loans are not long-term mortgage loans, the rate tends to be misleading. Short-term loans of a couple months to a handful of years are best thought of in terms of cost of capital, the same as every other financial outlay in connection with a project. And once you have turned the home, recovering this expense is the exact same as recouping the expense for all the bathroom or other improvements you did.

Also, it isn't difficult to be eligible for a hard money mortgage, even if your credit rating is not that impressive. Watkinsville hard money lenders don't approve a loan exclusively judging by the applicant's credit score — rather they will look at the property, its location and value, and the home's capability to pay back the loan without the help of the borrower. Additional variables that have an impact on an applicant's acceptance for a hard money real estate loan include what amount of money he is able to put towards a down payment, his previous experience as a real estate investor, and selling price of comparative, recently sold properties in the neighborhood.

Locating a hard money lender in Watkinsville to cover expenses for your renovation project is not very hard, so long as the opportunity that lies ahead of you is promising and has the right prospect for returns. Fill out the contact form or give us a call to discuss the property or properties you have in mind.

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