Imagine you've encountered this truly good deal on a fix and flip property located in a terrific neighborhood, and you are either a seasoned real estate investor or a newbie who wants to try his hand at flipping. Everybody knows that skilled professional flippers, along the lines of Tarek and Christina El Moussa who star in HGTV's reality flipping show, Fix or Flop, can readily generate an average profit of forty to fifty thousand dollars on their flips. It goes without saying their rehabbing experience, understanding of hard money loans, familiarity with the housing market, and auction skills have had a big role in their results. However, you're convinced that your superb rehab and renovation skills will help you do a quality job for this property — in addition, you've already lined up one of the finest contractors in the area to take care of the project.

But how do you get the necessary funding for flipping? A typical lending institution, like for example a bank, takes at a minimum 1 to 2 months to authorize the financing and deliver the monies. Considering that the home owners want a fast closing, that does not appear like a good option to you at all.

On top of this, banks have already been tightening up their lending requirements in recent years, making it tough for a person to obtain a typical loan if their credit score is not flawless or he doesn't have a regular salaried job. So does that mean you have no option, but to drop your dream of getting into rehabbing? By no means, considering that you could always go the Wayland, Massachusetts hard money loan route to finance your home renovating project.

When you put in an application for a hard money home loan in Wayland, you will get what's perhaps most important to real estate transactions throughout the country — a fast closing of around fourteen days. Plus, the LTV value can range up to 70% of the property value, as estimated by a competent appraiser. At first glance, hard money real estate loans, with starting interest rates of 10%, could be seen as more pricey than bank financing. But when you consider these are not long-term loans, the rate may be misleading. The cost of such short-term loans ought to be evaluated on par with every other cost that you would need to meet for the project. Right after you rehab and sell the home, recuperating this expense is just like recovering the money you spent for home appliances you put in the property.

What's more, it's simple to be eligible for a a hard money mortgage, regardless if your credit score is not that superb. Wayland hard money lenders don't approve a loan strictly judging by the person's credit score — instead they will analyze the property, its valuation and location, and the home's capability to pay back the financing without the assistance of the borrower. Adding to this, if the individual can demonstrate past experience in similar real estate endeavors, can put down cash towards a down payment, and the price of comparative houses in the area works to his benefit, he has an excellent chance of being approved to obtain a hard money real estate loan.

So any time you run into a really good and lucrative flipping opportunity, relax knowing you'll have a hard money lender in Wayland, prepared to loan you the money that you need. Complete the contact form or get in touch with us via phone and let's discuss the project you have in mind.