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There is this phenomenal opportunity to rehab and flip this wonderful outdated home in a good part of town and it looks like the deal you have been wanting for a long time. Professional house flippers, much like the young couple on Flip or Flop, HGTV's reality flipping series, are able to haul in a profit of $40-$50k for most homes. Without question, their past experiences rehabbing, understanding of hard money loans, familiarity with the market, and auction skills have had an important role in their results. Nevertheless, you are certain that your superb rehab and remodeling knowledge will assist you to do a quality job for this home — what's more, you've already lined up one of the most suggested contractors in the area to handle this job.
But financing is often a separate issue altogether. Should you opt for a normal loan via a bank, you will wind up waiting somewhere around 1-2 months until the mortgage loan is approved and the funding is readily available. So if you happen to be looking for a fast closing, it's important to understand or know that this will set you back by weeks, causing you to lose out on the opportunity.
On top of this, banks have been tightening their lending requirements in recent times, rendering it more hard for people to get an ordinary loan if their credit circumstances are not perfect or he doesn't have a regular salaried occupation. So does this mean you are without an option, but to drop your aspiration of getting into rehabbing? Definitely not, seeing as you always have the Wisconsin hard money loan alternative.
When you put in an application for a hard money home loan in Wisconsin, you'll get what is perhaps most essential to real estate offers across the country — a very fast closing of approximately a couple weeks. Furthermore, hard money lenders are able to do loans up to 70% LTV of the property or home's valuation, as identified by a credentialed third-party appraiser. At first glance, hard money real estate loans, with starting lending rates of 10%, seem to be more expensive than bank financing. But once you consider these loans are not long-term home loans, the rate tends to be misleading. When it comes to short-term loans of several years or even less, you should think about them the same as you might for every other expenditure for the project. When you have resold the property or home and have made a good gain, you're able to recoup this expense from the home — very much like recovering the cost of brand-new home appliances that you installed.
In addition, even an individual with bad credit will be able to qualify for a hard money mortgage. Wisconsin hard money lenders don't take on a loan solely on the basis of the customer's credit score — rather they also assess the property, where it is located and what it is worth, and the home's ability to pay back the loan on its own. The amount that a borrower can put down in advance towards the home, how much experience he has in real estate investing, and price range of comparable homes in the neighborhood are various other factors that go into determining a borrower's eligibility for a hard money real estate loan.
So in case you have stumbled upon a wonderful fixer-upper with a huge potential for returns, you've also found yourself a hard money lender in Wisconsin that is prepared to fund your rehab project. Complete the contact form on this page or call us to talk about your project.
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