Hard Money Loans in North Lauderdale

There's this amazing possibility for fixing and flipping this nice old property in a good area and it looks a lot like the one you have been anticipating for quite some time. Everybody knows that knowledgeable professional flippers, like Tarek and Christina El Moussa who star in HGTV's reality home flipping program, Fix or Flop, are able to generate a typical profit of forty to fifty thousand dollars when they rehab properties. And yes, they are aided in a big way due to their professional experience, auction skills and familiarity with hard money loans. However, you're assured that your superb rehab and remodeling abilities will enable you to do a great job for this home — additionally, you already have lined up one of the best general contractors in the business to take care of this job.

But money can be a different question altogether. A conventional lender, for instance a bank, takes a minimum of 1-2 months to authorize the loan and release the capital. Considering that all the sellers are looking for a fast closing, that does not seem like a wise idea to you in the slightest.

To add to it, banks have been tightening up their lending standards as of late, making it difficult for people to obtain a regular loan if their credit rating is not flawless or he is lacking a regular salaried occupation. So does this leave you with no option, but to drop your dream of venturing into rehabbing? Under no circumstances, particularly while North Lauderdale, Florida hard money loans can help you realize many amazing things in the real estate market.

When you put in an application for a hard money home loan in North Lauderdale, you have access to what is probably most important to real estate offers throughout the country — a very fast closing of roughly a couple weeks. Also, hard money lenders can do lending up to 70% LTV of the property or home value, as established by a certified third-party evaluation. A number of people regard hard money real estate loans to be more expensive than ordinary financing, considering lending rates for such loans ordinarily start at 10%. But in reality, the rate of interest is not as relevant for these loans, since they will never be long-term loans. Short-term loans of a couple of months to a few years are best understood as cost of capital, very much like any other financial outlay involved with a project. Once you have resold the house and have made a positive return, you're able to recoup this expense from the property — the same as recuperating the cost of brand-new home appliances that you've installed.

Aside from that, hard money mortgages are easy qualifying, even in the event you posses less-than-perfect credit. Instead of focusing primarily on the applicant's credit score or net income, North Lauderdale hard money lenders, who could be a private company or an individual person, approve a loan as a result of assessing the property value, its marketability, its location, and the likelihood of recouping their money in case they have to foreclose the loan. The total amount that a borrower can put down beforehand towards the house, how much practical experience he has in real estate investing, and price range of comparable properties in the vicinity are additional details that go into analyzing an applicant's qualification for a hard money real estate loan.

So in case you have found a really good home to flip with a high prospect of returns, you have also found yourself a hard money lender in North Lauderdale who is ready to provide funding for your flipping ventures. Enter your info into the contact form or give us a call and let's discuss your property.

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