Hard Money Loans in Walla Walla
An incredible deal on a fix and flip opportunity located in a nice neighborhood shows up out of the blue — sounds so good that it is difficult to believe. Everyone knows that knowledgeable professional flippers, like Tarek and Christina El Moussa from HGTV's reality flipping program, Fix or Flop, can turn an average profit of forty to fifty thousand dollars when they rehab properties. Of course, you also understand that their success are credited to the fact that they are professionals, are proficient in hard money loans, they know the marketplace really well and additionally, they know how to work a public auction for getting an appropriate price. With that being said, you have recently been cultivating your rehab and renovation knowledge, have a very good contractor ready to go and are positive that you will be able to do a bang up job on this property.
But where can you get the needed funding for home flipping? Should you meet with a common lender, like a bank for a loan, it is more than likely going to take no less than four to eight weeks for the approval to be completed and your funds to be dispersed. With the home owners looking for a fast closing, that doesn't seem like a good option to you in the slightest.
With banks adding tougher loan criteria in the past few years, it's become harder for a self-employed individual to obtain a home loan, especially if his credit circumstances are not optimal. So does that leave you with no option, but to give up your ambition to venture into the fix and flip business? By no means, especially while Walla Walla hard money loans can help you achieve great things in real estate.
When you get a hard money home loan in Walla Walla, you have access to what is possibly most important to real estate negotiations across the country — a very fast closing of approximately fourteen days. In addition, the LTV value can go up to 70% of the property value, as evaluated by a certified appraiser. At first, hard money real estate loans, with starting interest rates of 10%, could be seen as more costly than bank lending options. But if you consider these are not long-term home loans, the rate can be misleading. The price tag on such short-term loans ought to be evaluated on par with every other financial outlay that you will have to meet pertaining to the project. After you renovate and unload the house, recuperating this expense is no different than recovering the money you spent for new kitchen appliances you put in the house.
Aside from that, hard money mortgages are not hard to qualify for, even in the event you have poor credit. Instead of focusing exclusively on the person's credit score or income, Walla Walla hard money lenders, who could be a private company or an individual person, say yes to a loan as a result of analyzing the property value, ease of marketability, its location, and the probability of recouping their capital in case of foreclosure. The total amount that a person can put down in advance for the property, how much experience he has in real estate investing, and selling price of comparable homes in the area are other details that go into determining an applicant's qualification for a hard money real estate loan.
So any time you come across an outstanding and profitable investment opportunity, feel comfortable knowing you'll have a hard money lender in Walla Walla, in a position to lend you the cash that you need. Fill out the form on this page or call us and let's discuss your project.