Hard Money Loans in Longwood

An incredible bargain on a fix and flip opportunity located in a nice area of the city suddenly turns up — seems too good to be true. Expert house flippers, like the young couple on Flip or Flop, HGTV's reality flipping program, are capable of bringing in a profit of $40-$50k as an average on more than one occasion. And sure, they are helped in a big way as a result of their professional experience, auction abilities and familiarity with hard money loans. That said, you've likewise been developing your rehab and remodeling knowledge, have got a licensed contractor ready for the project and are positive that you will be able to do a great job on this home.

But money is usually a different issue altogether. In the event you apply for a normal loan from the bank, you will wind up waiting approximately one to two months until eventually the money is authorized and your funding is ready to go. So if you will be looking for a fast closing, it's important for you to understand or know that this could set you back by a couple weeks, making you miss out on the home.

Furthermore, if you have an unfavorable credit situation or do not have a conventional income source, it may be harder to obtain a bank loan, with the more stringent loan guidelines banks have put in place in recent times. So does that mean you have no option, but to give up your ambition of getting into flipping? Certainly not, due to the fact you could always go the Longwood, Florida hard money loan route to finance your home flipping project.

A hard money home loan in Longwood offers you what is viewed as crucial to many real estate sales — a quick closing of only a couple of weeks and more often than not less. Further, loans are made up to 70% loan-to-value of the as-is house value, as determined by a licensed appraiser. A number of people regard hard money real estate loans to be more expensive than ordinary loans, considering lending rates for such loans usually start at 10%. But the lengths of these loans are comparatively short, making the interest rate far less significant. Short-term loans of a couple of months to a few years are best approached in terms of cost of capital, similar to any other financial outlay in connection with a project. Right after you rehab and sell the home, recouping this expense is no different than recuperating the one for stainless steel appliances you put in the place.

Aside from that, hard money mortgages are easy qualifying, regardless if you have got poor credit. Longwood hard money lenders do not take on a loan solely judging by the borrower's credit score — rather they will analyze the property or home, its value and location, and the property's capacity to pay back the financing without the assistance of the applicant. On top of that, if the person can demonstrate prior experience in similar real estate endeavors, can put down cash for a down payment, and the value of comparative properties in the area works to his benefit, he has a very good shot of being eligible to get a hard money real estate loan.

So should you come across a good and profitable flipping opportunity, relax knowing you'll have a hard money lender in Longwood, willing to loan you the money you may need. Complete the form or give us a call to talk about your project.

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