Hard Money Loans in Tamarac

A remarkable deal on a fix and flip opportunity in a very good neighborhood suddenly turns up — sounds so good that it is difficult to believe. Most folks know that expert professional flippers, such as Tarek and Christina El Moussa from HGTV's reality home flipping series, Fix or Flop, can make a typical profit margin of $40,000 to $50,000 when they rehab properties. Undoubtedly, you also recognize that their success can be credited to the fact that they're experts, are knowledgeable in hard money loans, they know market trends quite well and additionally, they know how to work a public auction for getting a reasonable price. With that being said, you have recently been brushing up your rehab and renovation knowledge, have a very good licensed contractor arranged and are confident that you can do a great job on this property.

But how can you get the needed funding for home flipping? For those who apply for a regular loan via a bank, you will have to wait approximately 4-8 weeks up until the time the financing is approved and your money is available. So if you will be expecting a fast closing, it is important you understand that this will cost you a few weeks, causing you to miss out on the opportunity.

Moreover, should you have an unfavorable credit score or do not have a regular income source, it can be tougher to be eligible for a a bank loan, seeing the stricter loan guidelines banks have issued recently. So must you stop trying and forego your dream to venture off into the real estate market? Certainly not, because you always have the Tamarac hard money loan option.

A hard money home loan in Tamarac, Florida boasts what's perhaps most desired by real estate investors — a fast closing in as little as 2 weeks. Besides that, hard money lenders can do lending up to 70% LTV of the home value, as established by a licensed third-party appraiser. With the interest rates starting off around 10%, hard money real estate loans may appear, initially, to be more costly in comparison with traditional bank financing. But usually, the interest rate isn't as useful a measure for these loans, since they are not long-term loans. The cost of such short-term loans should be looked at on par with every other cost that you might encounter in the course of the project. After you renovate and sell the home, recovering this expense is just like recouping the cost of the new kitchen appliances you installed in the house.

Apart from this, hard money mortgages are easy qualifying, even in the event you have got below-average credit. The person's credit score will not be the sole deciding factor for Tamarac hard money lenders — they also consider the property, what is it valued at, its location, and its capacity to bring back their investment if things should not work out as intended. Adding to that, if the individual have proven experience in comparable real estate endeavors, can place down money for a down payment, and the value of comparative properties in the neighborhood works in his favor, he will have an excellent chance of being eligible to get a hard money real estate loan.

So in case you have stumbled upon a wonderful home to flip with a high prospect of returns, you've also found yourself a hard money lender in Tamarac, Florida who is prepared to fund your fix and flip ventures. Fill out the form on this page or call us to talk about the property you have in mind.

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