An outstanding bargain on a fix and flip opportunity in a nice area of the city shows up out of the blue — sounds too good to be true. You've heard that professional home flippers, such as the husband and wife on HGTV's Flip or Flop, have a remarkable average profit margin near $40,000 - $50,000. And sure, they are helped in a big way by their professional knowledge, auction expertise and knowledge of hard money loans. Nevertheless, you are assured that your superb rehab and remodeling talents will enable you to do an outstanding job on the property — what's more, you already have lined up one of the best general contractors in the area to work on the project.

But how can you obtain the needed funding for flipping? For those who approach a regular lending institution, like a bank for financing, it's more than likely going to take, at a minimum, 30-60 days for the acceptance to be completed and your funds to be distributed. Considering that all the sellers want a fast closing, that doesn't appear like a good option to you at all.

To add to it, banks have already been tightening up their lending requirements as of late, which makes it hard for people to get a typical loan if their credit rating is not perfect or he does not possess a regular salaried occupation. So do you have to admit defeat and abandon your ambition to venture into fix and flips? Under no circumstances, especially while Illinois hard money loans enable you to accomplish many amazing things in the real estate world.

A hard money home loan in Illinois provides you with what's possibly most sought after by real estate investors — a quick closing time period of as little as fourteen days. Also, hard money lenders are able to do funding up to 70% LTV of the property's valuation, as established by a qualified third-party evaluation. With loan rates starting out around 10%, hard money real estate loans might appear, at first glance, to be more pricey when compared with traditional bank lending products. But usually, the interest rate isn't as relevant for these loans, because they are not long-term financing. The price tag on such short-term loans should be evaluated on par with every other expense that you will have to meet pertaining to the project. Once you've resold the house and have made a good financial gain, you can recoup this expense from the house — similar to recouping the cost of brand-new kitchen appliances that you installed.

What's more, it's simple to obtain a hard money mortgage, even when your credit situation is not that superb. Illinois hard money lenders don't authorize a loan solely judging by the applicant's credit score — rather they will analyze the property or home, its value and location, and the home's capability to pay back the financing independent of the applicant. Adding to this, if the borrower have proven experience in comparable real estate projects, can put down money for the down payment, and the price of comparative houses in the area works to his benefit, he has an excellent shot of qualifying for a hard money real estate loan.

So should you come across a very good and profitable flipping opportunity, be assured you'll have a hard money lender in Illinois, prepared to loan you the cash that you need. Fill out the contact form or get in touch with us via phone and let's discuss the property you have in mind.