Hard Money Loans in West Orange

Imagine you've encountered this excellent bargain for a fix and flip property you found in a great location, and you happen to be either an experienced real estate investor or a newbie who really wants to try his hand at flipping. Everyone knows that skilled professional flippers, like Tarek and Christina El Moussa from HGTV's reality flipping show, Fix or Flop, are able to earn a typical profit of $40,000 to $50,000 on their flips. Without question, their past experiences rehabbing, understanding of hard money loans, familiarity with the housing market, and auction skills have had an important part in their results. On the other hand, you're convinced that your impressive rehab and renovation talents will help you do an outstanding job on the home — what's more, you've already arranged to have one of the best contractors in the business to take on this project.

But where can real estate investors get capital? A conventional lender, for instance a bank, takes at the very least 1 to 2 months to consent to the mortgage and deliver the funds. So if you're hoping for a fast closing, you have to recognize that this will set you back by weeks, causing you to lose out on the sale.

With banks establishing tougher loan standards in the past several years, it is now tougher for a self-employed individual to find a mortgage loan, especially if his credit situation is not flawless. So does this leave you with no option, but to drop your ambition of venturing into flipping? Certainly not, seeing as you always have the West Orange hard money loan option.

If you apply for a hard money home loan in West Orange, you're going to get what is perhaps most essential to real estate negotiations across the country — a very fast closing of approximately two weeks. What's more, the LTV value can reach up to 70% of the home value, as evaluated by a competent appraiser. With the interest rates starting out around 10%, hard money real estate loans may seem, at first, to be more pricey as compared with conventional bank lending products. But in reality, the lending rate is not as relevant for these loans, given that they are not long-term loans. The cost of such short-term loans should be evaluated on par with any other expenditure that you might encounter during the project. And when you've sold the house, recouping this expense is the exact same as recouping the expense for the kitchen and bath upgrades you did.

Besides, hard money mortgages are not difficult to qualify for, even if you posses a weak credit score. West Orange hard money lenders don't authorize a loan solely on the basis of the borrower's credit score — instead they also analyze the property or home, its location and value, and the property's ability to pay back the loan without the assistance of the borrower. How much a borrower can put down beforehand for the property or home, his real estate experience, and selling price of comparable properties in the neighborhood are additional details that go into determining a borrower's suitability for a hard money real estate loan.

If you happen to have stumbled upon an excellent real estate opportunity with a huge chance of returns, you have also found yourself a hard money lender in West Orange that is willing to finance your flipping ventures. Submit the form on this page or call us to discuss the property you have in mind.

Request More Information

A loan specialist will be in touch shortly

Personal Info

Project Info

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