Hard Money Loans in Wauseon

An incredible bargain on a fix and flip opportunity located in a good neighborhood all of a sudden shows up — seems too good to be true. Everyone knows that expert professional flippers, like Tarek and Christina El Moussa who do HGTV's reality home flipping program, Fix or Flop, can readily make a typical profit of $40,000 to $50,000 on their flips. Of course, you also realize that their successes can be attributed to the simple fact that they're experts, are well versed in hard money loans, they know the marketplace really well and they also know how to work an auction to buy their properties at a reasonable deal. On the other hand, you are assured that your first class rehab and renovation skills will assist you to do a great job for this home — in addition, you have already lined up one of the best general contractors in town to work on the job.

But where can you find the needed capital for home flipping? A conventional lender, for instance a bank, takes a minimum of 1 to 2 months to consent to the loan and deliver the funds. Thus if you happen to be looking for a fast closing, it is important you understand that this may set you back by a couple weeks, causing you to miss out on the home.

To add to it, banks have already been tightening their lending criteria in recent years, making it difficult for someone to get a conventional loan if their credit score is not flawless or he is lacking a consistent salaried occupation. So will inadequate funds prevent you from pursuing your ambitions? Not at all, particularly when Wauseon hard money loans enable you to achieve great things in real estate.

A hard money home loan in Wauseon promises what's probably most sought after by real estate investors — a quick closing in as little as 14 days. Furthermore, hard money lenders can approve funding up to 70% LTV of the property's valuation, as calculated by a certified third-party appraiser. At first, hard money real estate loans, with starting lending rates of 10%, could be seen as more costly than bank loans. But in reality, the lending rate isn't as relevant for these loans, because they will never be long-term loans. Short-term loans of a couple months to a handful of years are best thought of as cost of capital, similar to every other expense related to a project. And when you've turned the property or home, recouping this expense is the exact same as recuperating the expense for all the kitchen and bath updates you did.

Moreover, even a person with weak credit can easily qualify for a hard money mortgage. The person's credit score will not be the primary deciding factor for Wauseon hard money lenders — additionally, they analyze the piece of real estate, what is it valued at, its location, and its ability to earn back their financial commitment if everything does not work out as planned. Several other criteria that influence an individual's approval for a hard money real estate loan can include how much he can put into a down payment, his past experience being a real estate investor, and price of similar, just recently sold homes in the neighborhood.

So should you run into a very good and worthwhile investment opportunity, feel comfortable knowing you'll have a hard money lender in Wauseon, in a position to lend you the capital you need. Enter your info into the form or give us a call 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.