Hard Money Loans in Hialeah Gardens
Imagine you've run into this truly good deal for a fix and flip property in an ideal location, and you are either an experienced real estate investor or a newbie who hopes to try out flipping homes. You've heard that competent home flippers, similar to the married couple on HGTV's Flip or Flop, enjoy a remarkable average profit near forty to fifty thousand dollars. Without question, their past experiences rehabbing, knowledge of hard money loans, familiarity with the market, and auction talents have had an important role in their results. Still, your rehab and renovation skills aren't that bad either — aside from that, you've already identified the right contractor to handle this job.
But where do you get the necessary financing for home flipping? A conventional lender, say for example a bank, takes at the very least 1 to 2 months to approve the mortgage and provide the capital. Considering that the sellers are wanting to find a fast closing, that doesn't appear to be a wise idea to you in the slightest.
To add to it, banks have been tightening up their lending criteria in recent times, making it difficult for someone to obtain an ordinary loan if their credit rating is not flawless or he does not have a regular salaried occupation. So will inadequate funds stop you from following your dream? Not at all, especially when Hialeah Gardens, Florida hard money loans will assist you to achieve many amazing things in the real estate market.
A hard money home loan in Hialeah Gardens provides what is considered essential to many real estate deals — a fast closing of just a 2-3 weeks and at times less. Also, hard money lenders can approve loans up to 70% LTV of the home value, as estimated by a qualified third-party evaluation. With the loan rates starting out around 10%, hard money real estate loans may appear, initially, to be higher in price as compared with traditional bank loans. But usually, the lending rate is not as relevant for these loans, simply because they aren't long-term loans. Short-term loans of several months to a handful of years are best looked at in terms of cost of capital, the same as any other expenditure involved with a project. Right after you remodel and resell the property, recuperating this expense is just like recovering the one for new kitchen appliances you placed into the place.
In addition, even an individual with bad credit will be able to qualify for a hard money mortgage. The borrower's credit score is not the exclusive deciding factor for Hialeah Gardens hard money lenders — in addition, they analyze the house, how much it is worth, its location, and its potential to earn back their investment if everything does not go as intended. Adding to this, if the applicant can demonstrate past experience in similar real estate projects, can put down cash towards the down payment, and the value of equivalent houses in the neighborhood works to his benefit, he stands a good likelihood of being eligible for a hard money real estate loan.
So should you run into a very good and lucrative investment opportunity, feel comfortable knowing you'll have a hard money lender in Hialeah Gardens, in a position to lend you the funds you will need. Enter your info into the form on this page or get in touch with us via phone and let's discuss the property you have in mind.