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A fabulous bargain on a fix and flip property in a nice neighborhood suddenly turns up — sounds too good to be true. Many people know that capable professional flippers, such as Tarek and Christina El Moussa who star in HGTV's reality home flipping show, Fix or Flop, can generate a typical profit margin of forty to fifty thousand dollars in their rehab business. Of course, you also recognize that their results can be attributed to the fact that they are experts, are well versed in hard money loans, they know the market really well and in addition, they are good at working a public auction for getting a good price. Having said that, you have recently been brushing up your rehab and remodeling skills, have a very good building contractor ready for the project and are positive that you will be able to do a stellar job on this house.
But how can you obtain the necessary financing for flipping? Should you get in touch with a customary lending institution, such as a bank for a loan, it is very likely going to take no less than four to eight weeks for your approval to come through and your funds to be dispersed. So if you happen to be wishing for a fast closing, you need to recognize that this could cost you a couple of weeks, causing you to lose out on the home.
On top of this, banks have been tightening up their lending criteria as of late, which makes it hard for people to get a traditional home loan if their credit rating is not flawless or he doesn't have a consistent salaried job. So does that mean you have no option, but to give up your ambition to venture into the fix and flip business? By no means, particularly while Kansas hard money loans can help you accomplish many amazing things in the real estate market.
If you should apply for a hard money home loan in Kansas, you will get what is probably most vital to real estate purchases across the country — a quick closing of roughly 14 days. What's more, the LTV value can go up to 70% of the home value, as estimated by a certified appraiser. At first, hard money real estate loans, with starting lending rates of 10%, could be seen as costlier than bank lending products. But usually, the interest rate isn't as pertinent for these loans, simply because they are not long-term loans. The price tag on such short-term loans ought to be looked at much like any other financial outlay that you would need to meet pertaining to the project. Right after you fix up and unload the house, recuperating this expense is just like recovering the cost of the new kitchen appliances you placed into the house.
Besides, hard money mortgages are easy qualifying, even when you have poor credit. The customer's credit score isn't the single deciding factor for Kansas hard money lenders — they also examine the property, how much it is worth, where it is located, and its capacity to bring back their investment if things do not go as intended. How much of their own money a person can put down beforehand for the house, how much experience he has in real estate investments, and price range of equivalent properties in the same vicinity are various other details that go into determining an applicant's suitability for a hard money real estate loan.
Locating a hard money lender in Kansas to finance your real estate project is not very hard, as long as the opportunity that lies before you is promising and boasts a good prospect for returns. Submit the form or give us a call to discuss your project.
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