Hard Money Loans in Satellite Beach
A fabulous bargain on a fix and flip property located in an excellent subdivision suddenly shows up — sounds so good that it's hard to believe. You've heard that professional house flippers, much like the couple on HGTV's Flip or Flop, have a remarkable average profit of around forty to fifty thousand dollars. And sure, they are helped in a big way as a result of their professional know-how, auction abilities and knowledge of hard money loans. On the other hand, you're certain that your impressive rehab and remodeling talents will enable you to do an outstanding job on this property — furthermore, you already have lined up one of the most suggested general contractors in the business to work on this job.
But money can be a different problem entirely. For those who apply for a traditional loan from the bank, you will wind up waiting somewhere around 30-60 days up until the time the mortgage loan is approved and your funds are accessible. Given that sellers give preference to a fast closing, it may be best to begin seeking out additional financing alternatives.
To add to it, banks have been tightening their lending criteria as of late, making it tough for a person to receive a typical loan if their credit rating is not flawless or he is lacking a regular salaried profession. So will inadequate financing keep you from following your dream? Never, due to the fact you could always go the Satellite Beach, Florida hard money loan route to fund your flipping project.
A hard money home loan in Satellite Beach offers what is deemed crucial to most real estate sales — a fast closing of only a 2-3 weeks and oftentimes less. Further, loan amounts are made up to 70% loan-to-value of the "as is" house's valuation, as deemed by a qualified appraiser. Some people regard hard money real estate loans to be higher priced than regular financing, considering interest rates for such loans normally start off at 10%. But usually, the interest rate is not as pertinent for these loans, simply because they will never be long-term financing. As it pertains to short-term loans of a handful of years or less, you should look at them just like you would other expenditures for your project. And as soon as you have turned the house, recovering this expense is identical to recovering the expense for all the bathroom upgrades you did.
Apart from this, hard money mortgages are not hard to qualify for, regardless if you have got bad credit. The person's credit score is not the exclusive determining factor for Satellite Beach hard money lenders — in addition, they examine the property, its market value, where it is located, and its capability to return their financial commitment if everything does not work out as intended. Several other factors that have an impact on an applicant's eligibility for a hard money real estate loan include how much money he can put towards a down payment, his prior experience being a real estate investor, and price range of comparative, recently sold homes in the vicinity.
So in the event you run into a very good and worthwhile flipping opportunity, relax knowing you'll have a hard money lender in Satellite Beach, willing to lend you the cash you will need. Fill out the contact form on this page or give us a call and let's talk about the property or properties you have in mind.