Hard Money Loans in Niceville

Suppose that you've come across this really great bargain on a fix and flip property you found in an ideal location, and you are either a skilled real estate investor or a newbie who wants to try out flipping houses. You've heard that veteran property flippers, similar to the married couple on HGTV's Flip or Flop, have a remarkable average profit margin of around forty to fifty thousand dollars. And yes, they are aided in a big way as a result of their professional experience, auction expertise and knowledge of hard money loans. With that being said, you have also been developing your rehab and remodeling knowledge, have a very good licensed contractor arranged and are certain that you can do an impressive job on this house.

But capital is a different issue altogether. If you opt for a traditional bank loan, you will need to wait somewhere around 1 to 2 months until eventually the money is authorized and the funding is ready. With all the sellers looking for a fast closing, that does not appear to be a wise idea to you at all.

To add to it, banks have been tightening up their lending standards in recent years, which makes it challenging for people to obtain a traditional home loan if their credit score is not perfect or he does not have a consistent salaried occupation. So should you admit defeat and abandon your ambition to get into the real estate market? Never, due to the fact you could always use the Niceville, Florida hard money loan approach to pay for your flipping project.

A hard money home loan in Niceville can provide what's deemed vital to many real estate transactions — a quick closing of just a few weeks and oftentimes less. Aside from that, loan amounts can be done for up to 70% loan-to-value of the as-is home's valuation, as established by a licensed appraiser. At first glance, hard money real estate loans, with starting interest rates of 10%, could be seen as more expensive than bank lending products. But once you understand these loans are not long-term home loans, the rate may be misleading. As it pertains to short-term loans of a handful of years or less, you should think of them similar to any other expense for your project. After you renovate and sell the home, recuperating this expense is the same as recovering the expense for stainless steel appliances you installed in the home.

Besides, hard money mortgages are easy qualifying, regardless if you have got below-average credit. As an alternative for focusing strictly on the borrower's credit score or net income, Niceville hard money lenders, who can be a privately owned company or an individual person, authorize a loan after assessing the home value, how easy it will be to market, where it is located, and the odds of getting back their capital in case they have to foreclose the loan. How much money a person can put down beforehand towards the home, how much experience he has in real estate investments, and selling price of comparable properties in the vicinity are additional details that go into ascertaining an applicant's eligibility for a hard money real estate loan.

So should you run into a really good and lucrative investment opportunity, rest assured you'll have a hard money lender in Niceville, ready to lend you the cash you will need. Fill out the contact form or call us to discuss the property you have in mind.

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