Hard Money Loans in Neptune Beach

Suppose you've run across this really great bargain on a fix and flip property in a great location, and you are either a seasoned real estate investor or a newbie who wants to try his hand at flipping. Everybody knows that knowledgeable professional flippers, along the lines of Tarek and Christina El Moussa who do HGTV's reality flipping show, Fix or Flop, are able to earn an average profit of forty to fifty thousand dollars when they flip properties. And indeed, they are helped in a big way as a result of their professional experience, auction expertise and knowledge of hard money loans. However, you are convinced that your superb rehab and renovation knowledge can help you do a great job on the home — furthermore, you already have lined up one of the most recommended general contractors in town to handle the job.

But capital is often a separate question entirely. When you apply for a traditional bank loan, you will have to wait around approximately one to two months until the mortgage is approved and your funding is accessible. So if you will be wishing for a fast closing, it is important you understand or know that this will set you back by a couple weeks, making you miss out on the sale.

Moreover, for those who have an unfavorable credit score or do not receive a regular income source, it is usually harder for you to qualify for bank financing, seeing the tighter loan guidelines banks have put in place recently. So will a lack of funds keep you from sticking with your dream? By no means, because you can always go the Neptune Beach, Florida hard money loan route to fund your flipping project.

A hard money home loan in Neptune Beach offers you what is viewed as vital to most real estate transactions — a fast closing of just a 2-3 weeks and more often than not even less. And additionally, financing can be done for up to 70% loan-to-value of the "as is" house value, as calculated by a licensed appraiser. At first, hard money real estate loans, with starting interest rates of 10%, seem to be more costly than bank financing. But when you appreciate that these loans are not long-term loans, the rate may be misleading. The price tag on such short-term loans ought to be evaluated on par with any other cost that you would need to meet pertaining to the project. Right after you fix up and sell the home, recovering this expense is the same as recouping the one for stainless steel appliances you installed in the house.

Aside from that, hard money mortgages are not difficult to qualify for, even if you posses a bad credit rating. The applicant's credit score will not be the primary determining factor for Neptune Beach hard money lenders — they also consider the home, its market value, its location, and its capacity to earn back their investment if things should not go as planned. On top of that, if the borrower can demonstrate past experience in similar real estate ventures, can place down cash for a down payment, and the cost of equivalent homes in the area works in his favor, he has a really good chance of qualifying for a hard money real estate loan.

Finding a hard money lender in Neptune Beach to cover expenses for your renovation project is not hard, assuming that the opportunity that lies before you is promising and has the right potential for returns. Complete the form or call us to discuss your property.

Request More Information

A loan specialist will be in touch shortly

Personal Info

Project Info

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