A remarkable buy on a fix and flip opportunity located in a nice neighborhood suddenly turns up — sounds too good to be true. Professional residential home flippers, much like the young couple on Flip or Flop, HGTV's reality flipping show, are able to earn a profit of forty to fifty grand as an average on more than one occasion. And sure, they are aided in a big way via their professional experience, auction expertise and understanding of hard money loans. That said, you have also been developing your rehab and remodeling knowledge, have a very good general contractor ready for the project and are confident that you can do an impressive job on this property.

But where can you obtain the needed funding for home flipping? When you get in touch with a regular lending institution, like a bank for financing, it more than likely will take, at the very least, 30-60 days for your acceptance to be completed and the money to be distributed. Since most home owners would rather have a fast closing, it may be best to start seeking out other financing alternatives.

On top of this, banks have already been tightening up their lending requirements in recent years, which makes it challenging for people to get a typical loan if their credit circumstances are not perfect or he doesn't have a regular salaried job. So will a lack of financing keep you from sticking to your aspirations? Certainly not, on the grounds that you can always go the Whitehall hard money loan route to pay for your rehab project.

Should you get a hard money home loan in Whitehall, you have access to what's possibly most important to real estate offers across the country — a quick closing of roughly a couple weeks. Further, loan amounts can be made up to 70% loan-to-value of the as-is home's valuation, as calculated by a licensed appraiser. With the interest rates starting off at about 10%, hard money real estate loans may look, at first, to be more costly as compared with traditional bank loans. But the time frames of these loans are quite shorter, which makes the rate far less significant. As it pertains to short-term loans of a handful of years or even less, you should think about them the same as you would for every other expenditure for your project. When you have resold the property and have made a positive financial gain, you're able to recoup this expense from the property — the same as recouping the money necessary for the brand-new kitchen appliances that you have installed.

Aside from that, hard money mortgages are easy qualifying, regardless if you have got below-average credit. The person's credit score isn't the sole deciding factor for Whitehall hard money lenders — they also examine the home, its market value, where it is located, and its ability to return their financial commitment if everything does not go as intended. Other factors that impact an individual's approval for a hard money real estate loan can include how much he can put towards a down payment, his prior experience as a real estate investor, and price of comparable, recently sold homes nearby.

If you happen to have stumbled upon a really good fixer-upper with a significant chance of returns, you've also found yourself a hard money lender in Whitehall that is prepared to finance your rehab projects. Fill out the form on this page or get in touch with us via phone and let's talk about the property you have in mind.