Hard Money Loans in Jacksonville Beach
There is this outstanding possibility for fixing and flipping this nice old house in a very good location and it seems like the deal you have been wanting for quite a while. You've heard that professional house flippers, much like the married couple on HGTV's Flip or Flop, have an impressive average profit margin of around $40,000 - $50,000. And indeed, they are helped in a big way as a result of their professional know-how, auction skills and familiarity with hard money loans. With that being said, you have likewise been developing your rehab and renovation skills, have a general contractor arranged and are positive that you're capable of doing a stellar job on this home.
But where do you get the necessary funding for home flipping? In the event you go after a normal bank loan, you will wind up waiting around roughly 1-2 months until eventually the loan is approved and the funding is available. Given that home owners would rather have a fast closing, it may be advisable to start searching for some other financing alternatives.
With banks establishing more challenging loan requirements in the past few years, it is now much harder for a self-employed person to get a mortgage loan, particularly if his credit situation is not optimal. So does that leave you with no other option, but to drop your dream of venturing into the fix and flip business? Not at all, especially while Jacksonville Beach, Florida hard money loans will assist you to accomplish many amazing things in the real estate market.
If you decide to get a hard money home loan in Jacksonville Beach, you have access to what's perhaps most important to real estate purchases throughout the country — a fast closing of around 2 weeks. Plus, the LTV value can range up to 70% of the property's valuation, as evaluated by a credentialed appraiser. At first, hard money real estate loans, with starting lending rates of 10%, could be seen as higher priced than bank lending options. But the time frames of these loans tend to be relatively short, making the interest rate less significant. When it comes to short-term loans of a handful of years or even less, you should look at them much like you would other expenditures for your project. When you have turned the property and have made a good profit, you'll be able to recoup this expense from the house — just like recouping the cost of brand-new home appliances that you installed.
Besides, hard money mortgages are easy qualifying, regardless if you have bad credit. Instead of focusing exclusively on the applicant's credit score or net income, Jacksonville Beach hard money lenders, who could be a private company or an individual person, say yes to a loan as a result of examining the home value, how easy it will be to market, where it is located, and the odds of getting back their money in case of foreclosure. How much a person can put down beforehand for the house, how much practical experience he has in real estate investments, and selling price of equivalent properties in the neighborhood are other details that go into analyzing an individual's suitability for a hard money real estate loan.
So if you have stumbled upon a really good home to flip with a huge potential for returns, you have also stumbled upon a hard money lender in Jacksonville Beach who's ready to provide financing for your fix and flip projects. Complete the form or give us a call to talk about the property or properties you have in mind.