There is this outstanding opportunity to renovate and flip this nice old home in a good area and it looks like the deal you've been expecting for quite some time. Everybody knows that expert professional flippers, like Tarek and Christina El Moussa who star in HGTV's reality flipping program, Fix or Flop, can earn an average profit margin of $40,000 to $50,000 in their rehab business. And yes, they are helped in a major way as a result of their professional experience, auction expertise and familiarity with hard money loans. Still, your rehab and renovation skills aren't bad either — besides, you've already located an ideal licensed contractor to take on this project.

But funding is a separate problem entirely. If you get in touch with a customary lending institution, like a bank for funding, it can take no less than thirty to sixty days for your acceptance to be completed and your money to be given out. Since the majority of home owners favor a fast closing, you might have to start searching for other financing options.

With banks establishing harder loan requirements in the past several years, it has become tougher for a self-employed person to get a home loan, particularly if his credit score is not perfect. So will a lack of funding keep you from sticking to your ambitions? Never, on the grounds that you can always use the Westlake hard money loan approach to pay for your rehab project.

A hard money home loan in Westlake offers what is considered crucial to most real estate deals — a quick closing of just a few weeks and sometimes even less. Besides that, hard money lenders can approve loans up to 70% LTV of the property's valuation, as identified by a qualified third-party evaluator. With the lending rates starting out at about 10%, hard money real estate loans may appear, at first glance, to be higher in price compared to conventional bank loans. But once you understand these are not long-term loans, the interest rate tends to be misleading. As it pertains to short-term loans of a handful of years or even less, you should look at them much like you would other expenditures for your project. After you fix up and resell the home, recuperating this expense is no different than recovering the cost of the stainless steel appliances you installed in the home.

Additionally, it is simple to be eligible for a hard money mortgage, even when your credit score is not that great. Westlake hard money lenders do not authorize a loan strictly judging by the applicant's credit score — rather they will assess the home, where it is located and how much it is worth, and the property's capability to pay back the financing without the help of the person. Adding to this, if the borrower can demonstrate prior experience in comparable real estate ventures, can put down cash towards the down payment, and the price of equivalent homes in the neighborhood works in his favor, he will have a very good likelihood of being eligible to obtain a hard money real estate loan.

So if you have stumbled on a really great fixer-upper with a significant prospect of returns, you've also stumbled upon a hard money lender in Westlake who's willing to provide funding for your rehab projects. Complete the form on this page or call us to discuss the project you have in mind.