Hard Money Loans in Green Cove Springs
You discovered this phenomenal opportunity to fix and flip this wonderful outdated condo in a good part of town and it looks a lot like the deal you've been anticipating for a long time. Everyone knows that expert professional flippers, like Tarek and Christina El Moussa from HGTV's reality home flipping program, Fix or Flop, can generate a typical profit of forty to fifty thousand dollars on their flips. Without question, their rehabbing experience, knowledge of hard money loans, expertise in their housing market, and auction skills have been major factors to their successes. Having said that, you've likewise been cultivating your rehab and remodeling knowledge, have got a contractor lined up and are positive that you can do an impressive job on this property.
But how can real estate investors get money? For those who approach a standard lender, like a bank for a mortgage loan, it can take, at the very least, four to eight weeks for the approval to come through and your money to be given out. Thus if you happen to be hoping for a fast closing, it's important for you to realize that this may cost you a couple weeks, causing you to miss out on the opportunity.
To add to it, banks have already been tightening their lending criteria in recent years, rendering it more difficult for someone to receive a traditional loan if their credit score is not perfect or he is lacking a consistent salaried job. So do you have to stop trying and abandon your dream to venture off into the real estate market? By no means, because you could always go the Green Cove Springs, Florida hard money loan route to pay for your rehab project.
When you put in an application for a hard money home loan in Green Cove Springs, you're going to get what is possibly most essential to real estate purchases across the country — a fast closing of approximately 14 days. Plus, the LTV value can range up to 70% of the home's valuation, as determined by a credentialed appraiser. At first glance, hard money real estate loans, with starting lending rates of 10%, appear to be higher in price than bank loans. But the lengths of these loans are much shorter, making the rate far less significant. The cost of such short-term loans should be looked at much like every other cost that you would have to meet for the project. Once you've sold the house and have made a positive profit, you'll be able to recover this expense from the property — just like recovering the money necessary for the brand-new home appliances that you have put in.
Apart from this, hard money mortgages are easy qualifying, even if you have very bad credit. Green Cove Springs hard money lenders do not take on a loan exclusively judging by the customer's credit score — rather they additionally assess the property or home, where it is located and how much it is worth, and the home's capacity to pay back the loan by itself. On top of this, if the applicant can demonstrate prior experience in equivalent real estate projects, can put down money towards a down payment, and the value of comparable houses in the area works to his benefit, he stands an excellent likelihood of being approved to obtain a hard money real estate loan.
So in the event you run into an outstanding and lucrative investment opportunity, feel comfortable knowing you'll have a hard money lender in Green Cove Springs, prepared to lend you the capital you need. Enter your info into the form or give us a call and let's discuss your project.