There's this amazing opportunity to fix and flip this nice old home in a good location and it looks a lot like the deal you've been eagerly waiting on for a long time. You've heard that competent house flippers, like the married couple on HGTV's Flip or Flop, turn a remarkable average profit margin close to forty to fifty thousand dollars. And without a doubt, they are helped in a major way due to their professional experience, auction abilities and familiarity with hard money loans. Having said that, you've recently been cultivating your rehab and renovation skills, have a very good general contractor ready to go and are confident that you're capable of doing a great job on this home.

But money is a separate problem altogether. Should you opt for a conventional loan via a bank, you will end up waiting approximately 30-60 days up until the mortgage is approved and your funds are available. Considering that the home owners are wanting to find a fast closing, that does not seem like a good option to you whatsoever.

With banks introducing tougher loan guidelines in the recent past, it is now tougher for a self-employed person to obtain a home loan, especially if his credit score is not perfect. So does this mean you have no option, but to give up your dream of venturing into home renovating? Most certainly not, because you always have the West Columbia hard money loan option.

Should you put in an application for a hard money home loan in West Columbia, you will get what's perhaps most essential to real estate transactions across the country — a fast closing of roughly 2 weeks. Besides that, hard money lenders are able to do funding up to 70% LTV of the property or home value, as estimated by a credentialed third-party appraiser. On the surface, hard money real estate loans, with starting lending rates of 10%, appear to be more costly than bank lending products. But when you consider these are not long-term loans, the rate of interest can be misleading. The price of such short-term loans ought to be looked at much like every other cost that you would have to meet for the project. And once you've sold the home, recuperating this expense is the exact same as recuperating the expense for all the kitchen and bath upgrades you performed.

Besides, hard money mortgages are easy qualifying, whether or not you posses poor credit. The borrower's credit score isn't the sole deciding factor for West Columbia hard money lenders — additionally, they analyze the piece of real estate, what is it valued at, its location, and its capability to return their investment if everything does not go as intended. Adding to that, if the borrower can demonstrate past experience in comparable real estate projects, can place down money towards a down payment, and the price of comparable properties in the neighborhood works to his benefit, he will have a really good chance of qualifying to get a hard money real estate loan.

So in case you have found a wonderful fixer-upper with a high prospect of returns, you've also found yourself a hard money lender in West Columbia who is happy to provide financing for your flipping projects. Enter your info into the contact form or get in touch with us via phone to talk about your property or properties.