Hard Money Loans in Macclenny

Suppose that you've stumbled upon this excellent deal for a fix and flip property you found in an ideal location, and you happen to be either an experienced real estate investor or a newbie who really wants to try out flipping houses. Professional house flippers, similar to the young couple on Flip or Flop, HGTV's reality flipping show, are able to haul in a profit of $40-$50k on average. And yes, they are helped in a big way as a result of their professional experience, auction skills and familiarity with hard money loans. However, you are assured that your first class rehab and renovation abilities will help you do a superb job on this project — furthermore, you have already lined up one of the most recommended contractors in the business to take care of this project.

But where precisely do real estate investors find capital? For those who apply for an ordinary bank loan, you will have to wait approximately 30-60 days until the money is authorized and the funding is readily available. Considering that all the sellers are wanting to find a fast closing, that doesn't appear like a wise idea to you whatsoever.

On top of this, banks have already been tightening their lending standards as of late, making it difficult for a person to get a traditional home loan if their credit situation is not flawless or he does not possess a consistent salaried occupation. So do you have to stop trying and forego your ambition to embark into the real estate market? Not at all, especially when Macclenny, Florida hard money loans enable you to accomplish great things in real estate.

A hard money home loan in Macclenny provides what's considered vital to most real estate sales — a fast closing of just a few weeks and at many times less. And additionally, financing is made up to 70% loan-to-value of the as-is value, as calculated by a professional appraiser. On the surface, hard money real estate loans, with starting lending rates of 10%, seem to be more pricey than bank loans. But in reality, the interest rate isn't as relevant for these loans, given that they aren't long-term financing. When it comes to short-term loans of a few years or even less, you should look at them similar to any other expenditure for the project. And once you've turned the house, recuperating this expense is the exact same as recouping the expense for the bathroom or other improvements you performed.

Moreover, even an individual with low credit will be able to qualify for a hard money mortgage. Macclenny hard money lenders don't authorize a loan exclusively judging by the borrower's credit score — rather they additionally examine the property, where it is located and how much it is worth, and the property's capacity to pay back the loan on its own. Additional factors that affect a customer's approval for a hard money real estate loan can include how much money he is able to put towards a down payment, his prior experience as a real estate investor, and price range of similar, fairly recently sold residences in the neighborhood.

Finding a hard money lender in Macclenny to help with expenses for your flipping business is not very challenging, as long as the opportunity that lies ahead of you is promising and boasts the right prospect for returns. Complete the contact form or call us to talk about the property or properties you have in mind.

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