Hard Money Loans in Mount Dora

An incredible bargain on a fix and flip opportunity located in a nice neighborhood all of a sudden shows up — sounds so good that it's difficult to believe. Professional home flippers, similar to the young married couple on Flip or Flop, HGTV's reality flipping show, are capable of earning a gain of forty to fifty grand for the majority of homes. And without a doubt, they are helped in a big way due to their professional knowledge, auction skills and understanding of hard money loans. Still, your rehab and remodeling knowledge isn't bad either — aside from that, you have already identified the right general contractor to take on this project.

But how do real estate investors get financing? A conventional lending institution, like for example a bank, takes at least one to two months to authorize the loan and hand over the funds. With the sellers seeking a fast closing, that does not appear like a good idea to you at all.

With banks bringing in more challenging loan standards in the past few years, it has become harder for a self-employed individual to obtain a mortgage loan, especially if his credit score is not optimal. So will inadequate financing stop you from sticking with your aspirations? Most certainly not, given that you also have the Mount Dora, Florida hard money loan alternative.

If you decide to obtain a hard money home loan in Mount Dora, you will get what is probably most important to real estate offers across the country — a fast closing of about a couple weeks. In addition, the LTV value can range up to 70% of the property value, as determined by a credentialed appraiser. With rates starting out near 10%, hard money real estate loans may appear, at first glance, to be more pricey as compared with conventional bank loans. But when you understand these are not long-term home loans, the interest rate can be misleading. The price of such short-term loans should be looked at on par with any other financial outlay that you will have to meet pertaining to the project. Right after you remodel and sell the property, recouping this expense is just like recouping the cost of the home appliances you put in the property.

In addition, even an individual with poor credit can still be eligible for a hard money mortgage. The customer's credit score is not the single deciding factor for Mount Dora hard money lenders — additionally, they examine the home, its market value, where it is located, and its capacity to return their investment if everything does not work out as planned. How much an individual can put down beforehand for the home, his real estate experience, and selling price of comparable homes in the area are various other factors that go into ascertaining a borrower's qualification for a hard money real estate loan.

So in the event you come across a good and lucrative flipping opportunity, rest assured you'll have a hard money lender in Mount Dora, ready to loan you the cash you need. Complete the form on this page or get in touch with us via phone to discuss the property you have in mind.