Hard Money Loans in Flagler Beach
An outstanding deal on a fix and flip property located in a nice area of the city all of a sudden shows up — seems so good that it's difficult to believe. You've heard that competent house flippers, much like the couple on HGTV's Flip or Flop, have a remarkable average profit close to $40,000 - $50,000. And yes, they are helped in a big way via their professional knowledge, auction abilities and understanding of hard money loans. Having said that, you've also been cultivating your rehab and remodeling knowledge, have got a licensed contractor lined up and are positive that you will be able to do a great job on this property.
But money can be a different problem entirely. If you go after an ordinary bank loan, you will have to wait somewhere around 1-2 months until eventually the mortgage loan is authorized and your funds are ready. Given that sellers give preference to a fast closing, you might have to begin looking for additional financing options.
Moreover, if you have an unfavorable credit situation or do not receive a conventional income source, it may be harder for you to be eligible for a bank financing, considering the more stringent loan requirements banks have introduced of late. So does that mean you are without an option, but to give up your dream of venturing into home flipping? Absolutely not, given that you always have the Flagler Beach, Florida hard money loan alternative.
If you obtain a hard money home loan in Flagler Beach, you'll get what is perhaps most essential to real estate purchases across the country — a very fast closing of approximately 14 days. Additionally, loan amounts can be made up to 70% loan-to-value of the "as is" home value, as determined by a professional appraiser. At first glance, hard money real estate loans, with starting interest rates of 10%, appear to be higher priced than bank lending products. But usually, the interest rate is not as pertinent for these loans, since they will never be long-term financing. As it pertains to short-term loans of several years or even less, you should think of them just like you would other expenses for your project. Right after you remodel and sell the house, recuperating this expense is the same as recouping the money you spent for new kitchen appliances you put in the house.
What's more, it's simple to qualify for a hard money mortgage, regardless of whether your credit score is not that extraordinary. Flagler Beach hard money lenders do not approve a loan strictly on the basis of the applicant's credit score — rather they will look at the property or home, its location and value, and the home's ability to pay back the loan on its own. On top of this, if the borrower have proven experience in equivalent real estate endeavors, can place down money for a down payment, and the price of comparable homes in the neighborhood works in his favor, he will have a good shot of being approved for a hard money real estate loan.
So should you come across an outstanding and profitable investment opportunity, relax knowing you will have a hard money lender in Flagler Beach, able to loan you the capital you need. Fill out the contact form on this page or give us a call to discuss the property you have in mind.