Hard Money Loans in Cocoa Beach
Suppose you've come across this excellent deal on a fix and flip property in an ideal location, and you happen to be either a seasoned real estate investor or a first-timer who wants to try out flipping houses. Everyone knows that skilled professional flippers, such as Tarek and Christina El Moussa from HGTV's reality home flipping series, Fix or Flop, can readily generate a typical profit of forty to fifty thousand dollars on their flips. And sure, they are helped in a big way by their professional know-how, auction expertise and familiarity with hard money loans. Nonetheless, your rehab and remodeling knowledge isn't that bad either — aside from that, you have already found the right licensed contractor to handle the project.
But how can you get the needed funding for flipping? A conventional lending institution, like for example a bank, takes at least 1-2 months to consent to the financing and deliver the funds. Due to the fact all the home owners are wanting to find a fast closing, that does not appear to be a wise idea to you in the slightest.
On top of this, banks have already been tightening up their lending criteria as of late, making it challenging for a person to obtain a typical home loan if their credit circumstances are not perfect or he does not have a consistent salaried job. So will inadequate funding keep you from sticking with your dream? Most certainly not, given that you always have the Cocoa Beach, Florida hard money loan option.
When you apply for a hard money home loan in Cocoa Beach, you're going to get what's perhaps most important to real estate offers throughout the country — a quick closing of about a couple weeks. And additionally, loans can be done for up to 70% loan-to-value of the "as is" home's valuation, as calculated by a professional appraiser. Some people consider hard money real estate loans to be more pricey than ordinary loans, because the lending rates of such loans ordinarily start at 10%. But in reality, the lending rate is not as useful a measure for these loans, because they are not long-term loans. When it comes to short-term loans of several years or even less, you should look at them the same as you would for any other expense for your project. Right after you rehab and sell off the home, recuperating this expense is just like recovering the money you spent for stainless steel appliances you placed into the place.
Besides, hard money mortgages are easy qualifying, even when you posses a low credit score. Cocoa Beach hard money lenders do not authorize a loan exclusively on the basis of the borrower's credit score — rather they also assess the property or home, where it is located and how much it is worth, and the home's ability to pay back the financing independent of the person. Additional criteria that influence a borrower's eligibility for a hard money real estate loan can include what amount of money he is able to put towards a down payment, his former experience being a real estate investor, and price range of comparable, fairly recently sold residences in the vicinity.
So in case you have stumbled upon an excellent home to flip with a significant potential for returns, you have also stumbled upon a hard money lender in Cocoa Beach that is prepared to finance your flipping projects. Enter your info into the form on this page or call us to discuss the property you have in mind.