Hard Money Loans in Winter Garden

Imagine you've run across this truly good bargain for a fix and flip property you found in an ideal location, and you are either an experienced real estate investor or a first-timer who is looking to try his hand at flipping. Expert residential home flippers, like the young married couple on Flip or Flop, HGTV's reality flipping program, are able to earn a profit of $40-$50k as an average on multiple occasions. Without question, their past experiences rehabbing, understanding of hard money loans, familiarity with the market, and auction talents have played an important role in their success. With that being said, you have also been brushing up your rehab and remodeling skills, have got a building contractor arranged and are certain that you're capable of doing a great job for this home.

But money is usually a different issue entirely. Should you get in touch with a customary lender, like a bank for a mortgage loan, it is in all likelihood going to take no less than 4-8 weeks for your approval to come through and your funds to be given out. Thus if you happen to be anticipating a fast closing, it's important to realize that this could cost you weeks, making you lose out on the sale.

With banks bringing in more challenging loan standards in the last few years, it's become much harder for a self-employed individual to find a home loan, particularly if his credit score is not flawless. So does that mean you are without an option, but to give up your aspiration of venturing into rehabbing? Not at all, particularly when Winter Garden, Florida hard money loans will assist you to accomplish many amazing things in the real estate market.

A hard money home loan in Winter Garden offers what is regarded as imperative to many real estate deals — a quick closing of only a few weeks and sometimes less. Furthermore, hard money lenders can approve funding up to 70% LTV of the home value, as estimated by a credentialed third-party appraiser. Some people regard hard money real estate loans to be more costly than customary loans, since the interest rates for these loans commonly start at 10%. But usually, the lending rate isn't as useful a measure for these loans, given that they are not long-term financing. The price tag on such short-term loans should be looked at much like any other financial outlay that you will encounter in the course of the project. Once you have turned the house and have made a successful gain, you can recover this expense from the home — just like recouping the money spent on the brand-new kitchen appliances that you have installed.

Aside from that, hard money mortgages are not hard to qualify for, regardless if you have less-than-perfect credit. The person's credit score is not the single deciding factor for Winter Garden hard money lenders — in addition, they analyze the house, what is it valued at, where it is located, and its ability to earn back their investment if things do not go as planned. Other factors that influence a customer's approval for a hard money real estate loan include how much money he is able to put towards a down payment, his prior experience being a real estate investor, and price of comparative, recently sold residences nearby.

If you happen to have stumbled on a wonderful home to flip with a high prospect of returns, you have also stumbled upon a hard money lender in Winter Garden that is happy to provide funding for your flipping venture. Enter your info into the form or give us a call and let's discuss your property.

Request More Information

A loan specialist will be in touch shortly

Personal Info

Project Info

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