Hard Money Loans in Lauderhill

An outstanding bargain on a fix and flip property in a very good neighborhood all of a sudden shows up — sounds too good to be true. You've probably heard that veteran home flippers, such as the husband and wife on HGTV's Flip or Flop, have a remarkable average return of around forty to fifty thousand dollars. And without a doubt, they are helped in a big way by their professional know-how, auction expertise and understanding of hard money loans. However, you are certain that your first class rehab and remodeling skills will help you do a quality job on this project — in addition, you already have lined up one of the best contractors in town to take care of the job.

But money is a separate issue altogether. If you meet with a regular lending institution, such as a bank for financing, it is more than likely going to take at least four to eight weeks for the acceptance to be completed and your money to be given out. So if you're anticipating a fast closing, you need to be aware that this will set you back by a couple of weeks, making you miss out on the sale.

Moreover, in case you have a less-than-perfect credit rating or don't receive a routine source of income, it is normally harder for you to be eligible for bank financing, considering the tighter loan criteria banks have issued in recent times. So must you stop trying and forego your desire to venture into real estate? Under no circumstances, especially while Lauderhill, Florida hard money loans can help you accomplish many amazing things in the real estate world.

A hard money home loan in Lauderhill promises what is possibly most sought after by real estate investors — a fast closing in as little as fourteen days. Additionally, loan amounts can be done for up to 70% loan-to-value of the as-is value, as calculated by a qualified appraiser. With interest rates starting out around 10%, hard money real estate loans might seem, at first, to be more pricey in comparison with traditional bank lending products. But the term lengths for these loans tend to be comparatively short, making the interest rate much less important. As it pertains to short-term loans of a handful of years or even less, you should look at them just like you would other expenditures for your project. And when you've flipped the property or home, recovering this expense is comparable to recuperating the expense for all the bathroom or other improvements you did.

Furthermore, even a person with low credit will be able to qualify for a hard money mortgage. Rather than focusing entirely on the borrower's credit score or income, Lauderhill hard money lenders, who could be a privately owned company or an individual person, approve a loan after assessing the property value, its salability, where it is located, and the probability of getting back their capital in case of foreclosure. The amount that a borrower can put upfront for the home, his real estate experience, and selling price of equivalent properties in the vicinity are other details that go into analyzing a borrower's qualification for a hard money real estate loan.

If you happen to have stumbled upon an excellent home to flip with a significant chance of returns, you have also stumbled upon a hard money lender in Lauderhill, Florida who's willing to fund your fix and flip project. Submit the form or give us a call and let's talk about your project.

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