Hard Money Loans in West Miami
There is this outstanding possibility for renovating and flipping this wonderful out of date condo in a very good part of town and it seems a lot like the one you have been wanting for a long time. You've heard that veteran property flippers, similar to the husband and wife on HGTV's Flip or Flop, enjoy a remarkable average return close to forty to fifty thousand dollars. Of course, you also know that their results are credited to the fact that they are industry experts, are proficient in hard money loans, they understand market trends quite well and in addition, they are good at working an auction to buy their homes at a good deal. On the other hand, you're certain that your impressive rehab and remodeling skills will enable you to do a great job on the home — additionally, you already have arranged to have one of the most recommended building contractors in the business to handle the project.
But how can you find the necessary funding for flipping? If you approach a standard lender, like a bank for a mortgage loan, it can take at least four to eight weeks for your approval to come through and the money to be distributed. Since the majority of sellers wish to have a fast closing, you might want to begin looking for additional funding options.
On top of this, banks have been tightening up their lending standards as of late, making it challenging for someone to obtain a traditional home loan if their credit score is not perfect or he is lacking a regular salaried job. So will a shortage of financing keep you from following your dream? Most certainly not, because you always have the West Miami, Florida hard money loan alternative.
Should you put in an application for a hard money home loan in West Miami, you're going to get what is probably most important to real estate purchases across the country — a fast closing of roughly a couple weeks. Plus, the LTV value can go up to 70% of the home value, as estimated by a competent appraiser. With rates starting out around 10%, hard money real estate loans may seem, initially, to be higher in price as compared with traditional bank lending products. But usually, the rate of interest is not as relevant for these loans, because they aren't long-term loans. When it comes to short-term loans of a few years or less, you should look at them the same as you might for any other expense for your project. When you have sold the property or home and have made a successful financial gain, you can recover this expense from the house — very much like recovering the cost of brand-new appliances for the kitchen that you have installed.
Also, it is easy to obtain a hard money mortgage, even in the event your credit situation is not that impressive. The customer's credit score isn't the lone determining factor for West Miami hard money lenders — in addition, they consider the piece of real estate, its market value, where it is located, and its ability to earn back their investment if things do not work out as planned. On top of that, if the individual have proven experience in similar real estate projects, can place down money towards a down payment, and the value of similar properties in the neighborhood works to his benefit, he has a really good likelihood of qualifying to obtain a hard money real estate loan.
So in case you have stumbled on a really great home to flip with a high chance of returns, you've also discovered a hard money lender in West Miami that's ready to provide financing for your fix and flip venture. Complete the form on this page or get in touch with us via phone to discuss the property or properties you have in mind.