Hard Money Loans in Lake Park

Suppose that you've run into this truly good bargain on a fix and flip property in a terrific neighborhood, and you happen to be either an experienced real estate investor or a first-timer who wants to try out flipping houses. Most folks know that knowledgeable professional flippers, like Tarek and Christina El Moussa who do HGTV's reality flipping program, Fix or Flop, are able to make an average profit margin of $40,000 to $50,000 on their home projects. And yes, they are helped in a major way due to their professional knowledge, auction expertise and knowledge of hard money loans. That said, you have recently been brushing up your rehab and renovation knowledge, have a very good licensed contractor ready to go and are positive that you will be able to do an impressive job for this house.

But how can real estate investors find financing? When you apply for an ordinary loan from the bank, you will have to wait roughly 1-2 months up until the financing is authorized and your money is accessible. Given that home owners wish to have a fast closing, you might need to start looking for additional funding options.

Furthermore, for those who have a less-than-perfect credit situation or do not have a consistent income source, it usually is more difficult to obtain a bank loan, with the more stringent loan criteria banks have introduced recently. So will a lack of funds stop you from sticking with your aspirations? Under no circumstances, especially when Lake Park, Florida hard money loans enable you to realize great things in real estate.

A hard money home loan in Lake Park offers you what is viewed as vital to many real estate deals — a very fast closing of just a 2-3 weeks and sometimes less. Also, hard money lenders are able to do funding up to 70% LTV of the property value, as assessed by a professional third-party appraiser. With lending rates starting off at about 10%, hard money real estate loans may seem, initially, to be more expensive compared to traditional bank loans. But the time frames of these loans tend to be relatively shorter, which makes the interest rate far less significant. The price tag on such short-term loans should be looked at on par with every other cost that you will encounter in the course of the project. After you remodel and sell off the home, recovering this expense is the same as recouping the cost of the new kitchen appliances you placed into the property.

In addition, even individuals with poor credit can easily be eligible for a hard money mortgage. The customer's credit score will not be the primary deciding factor for Lake Park hard money lenders — in addition, they consider the piece of real estate, its market value, where it is located, and its capability to earn back their investment if things should not work out as planned. The amount that a person can put down in advance for the property, his real estate experience, and price range of comparable properties in the neighborhood are additional factors that go into analyzing a person's eligibility for a hard money real estate loan.

Locating a hard money lender in Lake Park to cover expenses for your fix and flip endeavor is not very challenging, so long as the opportunity before you is promising and has a strong potential for returns. Fill out the form or get in touch with us via phone to talk about the property you have in mind.

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  • Investment property loans only please, no primary residences at this time.