Hard Money Loans in Lauderdale Lakes

There is this amazing opportunity to fix and flip this nice out of date condo in a good area and it looks a lot like the one you have been eagerly waiting on for quite some time. Professional residential home flippers, like the young couple on Flip or Flop, HGTV's reality flipping series, are capable of earning a profit of forty to fifty grand on the majority of projects. And indeed, they are helped in a big way due to their professional experience, auction abilities and understanding of hard money loans. However, you're assured that your superb rehab and renovation talents will assist you to do a quality job on this home — in addition, you already have lined up one of the best general contractors in town to work on this job.

But money is often a separate question entirely. A conventional lender, for instance a bank, takes no less than one to two months to approve the mortgage and hand over the monies. So if you will be expecting a fast closing, it is important you recognize that this may set you back by weeks, causing you to miss out on the sale.

With banks introducing more challenging loan criteria in the past several years, it is more difficult for a self-employed individual to obtain a home loan, especially if his credit score is not optimal. So will inadequate funds keep you from sticking with your dream? Most certainly not, given that you always have the Lauderdale Lakes, Florida hard money loan alternative.

A hard money home loan in Lauderdale Lakes gives you what is possibly most desired by real estate investors — a fast closing in as few as two weeks. Additionally, financing can be done for up to 70% loan-to-value of the as-is house value, as determined by a qualified appraiser. At first glance, hard money real estate loans, with starting lending rates of 10%, appear to be more pricey than bank loans. But usually, the lending rate isn't as relevant for these loans, because they aren't long-term financing. Short-term loans of several months to a handful of years are best understood as cost of capital, very much like any other financial outlay related to a project. Right after you fix up and sell the home, recovering this expense is just like recovering the cost of the home appliances you placed into the house.

Apart from this, hard money mortgages are easy qualifying, even when you have got poor credit. Lauderdale Lakes hard money lenders do not take on a loan strictly judging by the customer's credit score — rather they also look at the property, where it is located and how much it is worth, and the home's capability to pay back the loan without the assistance of the person. The total amount that a person can put down in advance towards the property, his past real estate experience, and price range of equivalent properties in the same vicinity are various other factors that go into ascertaining an individual's suitability for a hard money real estate loan.

So in the event you run into an outstanding and profitable flipping opportunity, be assured you will have a hard money lender in Lauderdale Lakes, prepared to lend you the cash you will need. Complete the form on this page or give us a call and let's discuss the project you have in mind.