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A fantastic buy on a fix and flip opportunity in a good neighborhood shows up out of the blue — sounds so good that it's hard to believe. Expert residential home flippers, like the young married couple on Flip or Flop, HGTV's reality flipping show, are able to generate a profit of forty to fifty grand for the majority of homes. Undoubtedly, you also know that their success can be credited to the simple fact that they're industry experts, are knowledgeable in hard money loans, they understand market trends quite well and in addition, they are good at working an auction for getting a good price. With that being said, you've also been cultivating your rehab and remodeling knowledge, have got a building contractor lined up and are confident that you're capable of doing an impressive job on this house.
But money can be a different issue altogether. In the event you get in touch with a customary lending institution, such as a bank for financing, it is more than likely going to take, as a minimum, thirty to sixty days for your approval to come through and your funds to be sent out. Due to the fact the sellers are seeking a fast closing, that does not appear to be a good option to you whatsoever.
To add to it, banks have already been tightening up their lending requirements in recent years, which makes it difficult for someone to get a regular loan if their credit situation is not flawless or he is lacking a consistent salaried occupation. So must you admit defeat and abandon your aspiration to embark into real estate? Under no circumstances, especially when Connecticut hard money loans will assist you to accomplish great things in real estate.
When you put in an application for a hard money home loan in Connecticut, you're going to get what's perhaps most essential to real estate transactions throughout the country — a quick closing of around 2 weeks. Also, hard money lenders are able to do funding up to 70% LTV of the property or home value, as calculated by a credentialed third-party evaluator. With the interest rates starting off near 10%, hard money real estate loans might seem, at first glance, to be higher in price when compared with traditional bank loans. But once you consider these are not long-term home loans, the rate may be misleading. When it comes to short-term loans of 1 or 2 years or less, you should look at them just like you would other expenditures for your project. And when you've finally turned the house, recuperating this expense is identical to recovering the expense for all the bathroom updates you performed.
Furthermore, even an individual with weak credit can still qualify for a hard money mortgage. Rather than focusing solely on the applicant's credit score or source of income, Connecticut hard money lenders, who could be a private company or an individual, approve a loan after assessing the home value, how easy it will be to market, where it is located, and the probability of recuperating their capital should they have to foreclose the loan. Adding to this, if the applicant can demonstrate past experience in similar real estate ventures, can put down money for the down payment, and the price of equivalent homes in the area works in his favor, he has a good shot of being eligible to obtain a hard money real estate loan.
So any time you come across a really good and worthwhile investment opportunity, be assured you'll have a hard money lender in Connecticut, ready to lend you the funds that you need. Submit the form on this page or call us and let's discuss your property.
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