Hard Money Loans in Woodbury

Imagine you've run into this truly good deal for a fix and flip property located in a great neighborhood, and you're either an experienced real estate investor or a newbie who hopes to try his hand at flipping. Professional residential home flippers, like the young couple on Flip or Flop, HGTV's reality flipping series, are capable of hauling in a profit of $40-$50k on a regular basis. Undoubtedly, you also realize that their results can be credited to the simple fact that they're professionals, are well versed in hard money loans, they understand the market really well and in addition, they are good at working a public auction to buy their houses at a reasonable deal. Still, your rehab and renovation knowledge isn't bad either — besides, you have already located a suitable licensed contractor to tackle this home.

But how can real estate investors obtain money? If you meet with a regular lender, such as a bank for funding, it's very likely going to take a minimum of 4-8 weeks for the approval to be completed and your funds to be sent out. Due to the fact the home owners are seeking a fast closing, that does not appear to be a good idea to you at all.

What's more, in case you have a sub-optimal credit situation or don't have a regular income, it is usually more difficult to obtain a bank loan, considering the tougher loan requirements banks have put in place of late. So should you stop trying and abandon your desire to embark into the real estate market? By no means, particularly when Woodbury, New York hard money loans enable you to achieve many amazing things in real estate.

If you should get a hard money home loan in Woodbury, you're going to get what's probably most essential to real estate transactions across the country — a very fast closing of around fourteen days. And additionally, loans are made up to 70% loan-to-value of the as-is property value, as determined by a professional appraiser. Some individuals consider hard money real estate loans to be more expensive than regular loans, considering interest rates for such loans often start at 10%. But if you appreciate that these are not long-term mortgage loans, the rate may be misleading. When it comes to short-term loans of several years or less, you should look at them similar to any sort of other expenditure for your project. Once you've resold the property or home and have made a positive profit, you'll be able to get back this expense from the home — just like recovering the money spent on the brand-new kitchen appliances that you put in.

Besides, hard money mortgages are easy qualifying, regardless if you have got poor credit. As an alternative for focusing entirely on the person's credit score or net income, Woodbury hard money lenders, who could be a privately owned company or an individual person, approve a loan as a result of analyzing the home value, its salability, its location, and the likelihood of recouping their money if they have to foreclose the loan. Adding to this, if the borrower can demonstrate prior experience in equivalent real estate ventures, can place down money towards the down payment, and the price of comparative houses in the neighborhood works to his benefit, he will have a very good shot of being eligible for a hard money real estate loan.

So any time you run into a really good and lucrative flipping opportunity, rest assured you'll have a hard money lender in Woodbury, ready to lend you the funds you may need. Submit the form on this page or get in touch with us via phone to talk about your property or properties.

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.