Hard Money Loans in Lakeland

Suppose that you've come across this really great bargain for a fix and flip property you found in a great location, and you happen to be either an experienced real estate investor or a newbie who wants to try out flipping homes. Everyone knows that expert professional flippers, such as Tarek and Christina El Moussa from HGTV's reality home flipping series, Fix or Flop, can generate an average profit margin of $40,000 to $50,000 on their flips. Of course, you also realize that their successes are credited to the fact that they are professionals, are proficient in hard money loans, they know market trends quite well and they also are good at working a public auction to buy their houses at a reasonable price. That said, you've recently been developing your rehab and renovation knowledge, have got a licensed contractor arranged and are confident that you're capable of doing a great job for this home.

But where precisely do real estate investors find funding? In the event you go after an ordinary loan via a bank, you will have to wait around somewhere around 4-8 weeks up until the time the financing is authorized and the funds are ready to go. Since most home owners would rather have a fast closing, you may want to begin searching for other funding options.

As well as this, if you have an unfavorable credit situation or don't receive a conventional income, it usually is tougher for you to be eligible for a bank financing, seeing the stricter loan requirements banks have issued as of late. So does that leave you with no other option, but to abandon your ambition of getting into home flipping? Absolutely not, seeing as you always have the Lakeland, Florida hard money loan alternative.

A hard money home loan in Lakeland provides you with what is possibly most desired by real estate investors — a very fast closing in as few as 2 weeks. Besides that, hard money lenders will often consent to funding up to 70% LTV of the property value, as determined by a credentialed third-party appraiser. With interest rates starting out near 10%, hard money real estate loans may seem, initially, to be more costly in comparison with conventional bank financing. But in reality, the lending rate is not as relevant for these loans, simply because they aren't long-term loans. The price tag on such short-term loans ought to be viewed on par with every other cost that you will have to meet for the project. When you have resold the home and have made a successful gain, you can get back this expense from the house — much like recuperating the cost of brand-new home appliances that you've installed.

In addition, even individuals with weak credit can easily qualify for a hard money mortgage. Lakeland hard money lenders don't approve a loan solely judging by the borrower's credit score — rather they will analyze the property, where it is located and what it is worth, and the home's capability to pay back the loan by itself. How much a borrower can put down beforehand towards the property, his real estate experience, and selling price of comparative homes in the same neighborhood are additional details that go into ascertaining a borrower's eligibility for a hard money real estate loan.

So in the event you come across a good and worthwhile flipping opportunity, be assured you will have a hard money lender in Lakeland, Florida, equipped to lend you the money you will need. Submit the form on this page or give us a call and let's discuss your property.

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