Hard Money Loans in Safety Harbor
There's this amazing possibility for rehabbing and flipping this wonderful out of date house in a good area and it seems a lot like the deal you've been expecting for a long time. Expert property flippers, like the young married couple on Flip or Flop, HGTV's reality flipping show, are able to haul in a gain of $40-$50k for most homes. Naturally, you also know that their great results are due to the fact that they're professionals, are proficient in hard money loans, they understand the marketplace quite well and additionally, they know how to work a public auction for getting an appropriate deal. On the other hand, you are assured that your impressive rehab and renovation talents can help you do a quality job on the home — what's more, you've already arranged to have one of the most sought after contractors in the business to take on the project.
But financing is usually a different problem entirely. For those who go after a regular loan via a bank, you will have to wait around roughly 4-8 weeks until the mortgage loan is authorized and your funds are accessible. Considering that the home owners are wanting to find a fast closing, that does not appear to be a good option to you whatsoever.
With banks establishing more challenging loan requirements in the past several years, it has become harder for a self-employed person to get a mortgage loan, especially when his credit score is not perfect. So do you have to admit defeat and forego your dream to get into fix and flips? By no means, especially while Safety Harbor, Florida hard money loans can help you realize many amazing things in the real estate world.
A hard money home loan in Safety Harbor provides you with what's possibly most sought after by real estate investors — a very fast closing time period of as few as fourteen days. Aside from that, loans are made up to 70% loan-to-value of the as-is home's valuation, as determined by a professional appraiser. On the surface, hard money real estate loans, with starting interest rates of 10%, seem to be higher in price than bank financing. But the term lengths for these loans tend to be quite short, making the rate less important. The price tag on such short-term loans should be evaluated much like any other expense that you would encounter in the course of the project. And once you have sold the home, recuperating this expense is the exact same as recovering the expense for all the bathroom or other improvements you did.
Also, it isn't difficult to obtain a hard money mortgage, even if your credit score is not that superb. The borrower's credit score isn't the sole deciding factor for Safety Harbor hard money lenders — they also look at the property, how much it is worth, where it is located, and its capacity to earn back their investment if everything does not work out as planned. On top of this, if the person have proven experience in similar real estate projects, can place down money towards the down payment, and the price of comparable houses in the neighborhood works in his favor, he will have an excellent chance of qualifying to obtain a hard money real estate loan.
So if you have found a really good real estate opportunity with a huge prospect of returns, you've also found yourself a hard money lender in Safety Harbor who is willing to fund your fix and flip ventures. Complete the form or give us a call and let's talk about your property or properties.