Hard Money Loans in Sunrise
Imagine you've run into this really great deal for a fix and flip property you found in a terrific neighborhood, and you are either an experienced real estate investor or a first-timer who wants to try his hand at flipping. You've probably heard that veteran home flippers, like the husband and wife on HGTV's Flip or Flop, have a remarkable average profit of around forty to fifty thousand dollars. It goes without saying their rehabbing experience, knowledge of hard money loans, expertise in their market, and auction skills have played a significant role in their results. Having said that, you have recently been developing your rehab and renovation skills, have got a general contractor ready for the project and are positive that you will be able to do a bang up job for this property.
But where can you obtain the needed financing for flipping? A traditional lending institution, like for example a bank, takes at the very least 1 to 2 months to approve the loan and hand over the capital. So if you're expecting a fast closing, you must realize that this may cost you weeks, causing you to lose out on the home.
With banks adding tougher loan requirements in the past several years, it's become tougher for a self-employed individual to get a mortgage loan, especially when his credit score is not flawless. So does that mean you have no option, but to give up your aspiration to venture into the fix and flip business? Absolutely not, given that you always have the Sunrise hard money loan alternative.
A hard money home loan in Sunrise, Florida gives you what is perhaps most desired by real estate investors — a very fast closing in as little as fourteen days. What's more, the LTV value can go up to 70% of the home's valuation, as determined by a certified appraiser. With loan rates starting out around 10%, hard money real estate loans might seem, initially, to be higher priced when compared with traditional bank financing. But in reality, the rate of interest is not as relevant for these loans, simply because they aren't long-term loans. As it pertains to short-term loans of a handful of years or less, you should consider them the same as you would for every other expense for the project. And as soon as you have finally flipped the home, recovering this expense is the exact same as recovering the expense for the kitchen and bath upgrades you did.
Furthermore, even an individual with bad credit will be able to qualify for a hard money mortgage. Sunrise hard money lenders do not take on a loan exclusively judging by the customer's credit score — rather they will examine the home, its valuation and location, and the home's capability to pay back the loan on its own. Adding to that, if the person have proven experience in similar real estate endeavors, can put down money for the down payment, and the value of equivalent houses in the vicinity works to his benefit, he stands a good likelihood of being approved to get a hard money real estate loan.
So should you come across a very good and lucrative flipping opportunity, feel comfortable knowing you'll have a hard money lender in Sunrise, Florida, in a position to loan you the funds that you need. Complete the form or give us a call to discuss your property or properties.