Hard Money Loans in Kent
There is this amazing opportunity to fix and flip this nice outdated house in a fantastic location and it seems like the one you have been eagerly waiting on for quite some time. Professional property flippers, like the young couple on Flip or Flop, HGTV's reality flipping show, are able to bring in a gain of $40-$50k as an average on multiple occassions. And yes, they are helped in a major way due to their professional knowledge, auction skills and familiarity with hard money loans. However, you're certain that your first class rehab and renovation knowledge can help you do a great job on this property — furthermore, you've already lined up one of the best contractors in town to work on the project.
But where do you find the needed financing for flipping? A conventional lending institution, say for example a bank, takes no less than one to two months to consent to the loan and hand over the cash. With all the sellers looking for a fast closing, that doesn't appear like a wise idea to you whatsoever.
What's more, if you have a sub-optimal credit situation or don't receive a routine source of income, it usually is tougher for you to be eligible for a bank loan, seeing the more stringent loan guidelines banks have put in place lately. So will inadequate funding stop you from sticking with your ambitions? Under no circumstances, particularly when Kent hard money loans enable you to achieve many amazing things in the real estate market.
Should you obtain a hard money home loan in Kent, you're going to get what's perhaps most essential to real estate negotiations across the country — a quick closing of around two weeks. Further, loans can be made up to 70% loan-to-value of the "as is" home's valuation, as deemed by a licensed appraiser. With the lending rates starting off at about 10%, hard money real estate loans may seem, at first glance, to be higher priced compared to traditional bank loans. But the lengths of these loans tend to be much shorter, making the rate far less important. The cost of such short-term loans ought to be evaluated much like every other cost that you would have to meet for the project. When you have sold the house and have made a successful profit, you're able to recover this expense from the property — much like recouping the cost of brand-new home appliances that you have installed.
What's more, it is easy to be eligible for a hard money mortgage, regardless of whether your credit score is not that great. Rather than focusing primarily on the borrower's credit score or source of income, Kent hard money lenders, who could be a privately owned company or an individual, say yes to a loan as a result of assessing the property value, how easy it will be to market, its location, and the odds of recuperating their capital if they have to foreclose the loan. How much an individual can put down in advance towards the home, his past real estate experience, and selling price of comparative properties in the vicinity are additional details that go into establishing an individual's qualification for a hard money real estate loan.
Locating a hard money lender in Kent to fund your real estate project is not hard, assuming that the opportunity in front of you is promising and possesses a good potential for returns. Fill out the form on this page or get in touch with us via phone to discuss your project.