Suppose that you've encountered this truly good bargain on a fix and flip property located in a great location, and you're either a seasoned real estate investor or a first-timer who hopes to try out flipping homes. Expert home flippers, like the young couple on Flip or Flop, HGTV's reality flipping series, are able to earn a profit of $40-$50k on a regular basis. And without a doubt, they are aided in a major way via their professional knowledge, auction expertise and familiarity with hard money loans. That said, you've likewise been brushing up your rehab and renovation knowledge, have a very good contractor lined up and are certain that you're capable of doing a great job on this property.

But how do you get the needed capital for home flipping? A standard lending institution, say for example a bank, takes no less than one to two months to consent to the financing and release the funds. So if you will be anticipating a fast closing, it's important to realize that this will set you back by a few weeks, making you miss out on the home.

On top of this, banks have already been tightening up their lending requirements in recent years, rendering it more tough for people to obtain a regular home loan if their credit situation is not perfect or he is lacking a regular salaried job. So will a shortage of funds keep you from sticking to your dream? Not at all, particularly when West Hartford hard money loans can help you realize great things in real estate.

A hard money home loan in West Hartford gives you what is regarded as crucial to most real estate deals — a fast closing of only a 2-3 weeks and oftentimes even less. Further, loan amounts can be made up to 70% loan-to-value of the as-is property value, as deemed by a professional appraiser. Some people regard hard money real estate loans to be more pricey than ordinary loans, since the lending rates for such loans often start at 10%. But usually, the lending rate is not as pertinent for these loans, since they will never be long-term financing. When it comes to short-term loans of 1 or 2 years or less, you should think about them just like you would other expenditures for your project. After you remodel and resell the house, recovering this expense is just like recuperating the expense for stainless steel appliances you placed into the home.

Besides, hard money mortgages are not difficult to qualify for, even when you posses poor credit. West Hartford hard money lenders don't authorize a loan exclusively according to the customer's credit score — rather they will assess the home, where it is located and what it is worth, and the property's ability to pay back the financing by itself. Additional criteria that affect a customer's eligibility for a hard money real estate loan include what amount of money he is able to put into a down payment, his prior experience as a real estate investor, and price range of comparative, recently sold properties in the vicinity.

So in case you have stumbled on a really good fixer-upper with a significant prospect of returns, you've also stumbled upon a hard money lender in West Hartford that is ready to fund your fix and flip project. Complete the form on this page or give us a call to talk about the project you have in mind.