Hard Money Loans in Jacksonville
There is this outstanding possibility for rehabbing and flipping this wonderful old property in a very good area and it seems like the deal you've been looking forward to for quite some time. Professional home flippers, similar to the young couple on Flip or Flop, HGTV's reality flipping series, are able to earn a profit of $40-$50k as an average on more than one occasion. Naturally, you also know that their great results are attributed to the fact that they're industry experts, are proficient in hard money loans, they understand market trends quite well and furthermore, they are good at working a public auction for getting a good deal. Nonetheless, your rehab and renovation skills aren't bad either — besides, you've already found an ideal general contractor to start the job.
But capital is often a separate issue entirely. If you meet with a customary lender, like a bank for a loan, it's very likely going to take, at the very least, 30-60 days for the approval to come through and the money to be accessible. Since most sellers prefer a fast closing, you may have to begin searching for some other funding options.
To add to it, banks have already been tightening up their lending standards in recent years, which makes it hard for someone to get a conventional home loan if their credit score is not perfect or he does not have a regular salaried job. So will inadequate funding prevent you from following your ambitions? Under no circumstances, especially while Jacksonville, Florida hard money loans enable you to accomplish great things in real estate.
If you should opt for a hard money home loan in Jacksonville, you're going to get what is perhaps most important to real estate transactions across the country — a quick closing of approximately fourteen days. Also, hard money lenders are capable of doing funding up to 70% LTV of the home value, as determined by a credentialed third-party evaluator. At first glance, hard money real estate loans, with starting lending rates of 10%, seem to be costlier than bank financing. But if you consider these loans are not long-term mortgage loans, the interest rate may be misleading. As it pertains to short-term loans of a handful of years or even less, you should think about them the same as you would for every other expenditure for the project. And when you've turned the property, recuperating this expense is the exact same as recovering the expense for the bathroom or other improvements you performed.
Furthermore, even a person with bad credit can still qualify for a hard money mortgage. The customer's credit score is not the sole determining factor for Jacksonville hard money lenders — additionally, they analyze the home, how much it is worth, where it is located, and its capacity to earn back their financial commitment if things should not go as intended. How much of their own money an applicant can put down in advance towards the property or home, how much practical experience he has in real estate investments, and price range of comparable homes in the same area are additional details that go into ascertaining an individual's suitability for a hard money real estate loan.
So should you come across an outstanding and worthwhile flipping opportunity, be assured you'll have a hard money lender in Jacksonville, Florida, willing to loan you the money you need. Fill out the form or call us and let's discuss your project.