Hard Money Loans in Miramar

There is this outstanding opportunity to rehab and flip this nice old home in a good part of town and it seems like the one you've been wanting for a long time. Expert residential home flippers, much like the young married couple on Flip or Flop, HGTV's reality flipping series, are capable of earning a profit of $40-$50k on average. And without a doubt, they are aided in a major way as a result of their professional know-how, auction abilities and knowledge of hard money loans. Nevertheless, you're convinced that your impressive rehab and renovation knowledge will enable you to do a superb job on the home — furthermore, you already have arranged to have one of the most sought after building contractors in town to take care of this job.

But capital is usually a separate problem entirely. If you meet with a common lender, such as a bank for funding, it's likely going to take, at the very least, thirty to sixty days for your approval to come through and your funds to be accessible. Because most sellers wish to have a fast closing, it may be best to start looking for some other financing options.

Furthermore, in case you have a sub-optimal credit situation or don't receive a routine income source, it usually is more challenging for you to be eligible for bank financing, seeing the tighter loan requirements banks have introduced lately. So will a shortage of funding keep you from following your dream? Definitely not, because you always have the Miramar, Florida hard money loan alternative.

If you opt for a hard money home loan in Miramar, you're going to get what's perhaps most important to real estate purchases throughout the country — a very fast closing of roughly a couple weeks. Further, loans can be made up to 70% loan-to-value of the as-is house value, as established by a professional appraiser. A number of people believe hard money real estate loans to be higher in price than ordinary loans, considering lending rates for these loans normally start off at 10%. But in reality, the interest rate isn't as useful a measure for these loans, because they will never be long-term financing. The price of such short-term loans ought to be looked at much like any other expense that you would need to meet pertaining to the project. Once you've resold the property or home and have made a good gain, you'll be able to recover this expense from the property or home — just like recovering the cost of brand-new appliances for the kitchen that you installed.

Apart from this, hard money mortgages are not hard to qualify for, even if you have got very bad credit. Rather than focusing exclusively on the applicant's credit score or source of income, Miramar hard money lenders, who can be a privately owned company or an individual, say yes to a loan after analyzing the home value, its marketability, its location, and the likelihood of recovering their capital in case of foreclosure. Adding to that, if the individual can demonstrate prior experience in similar real estate ventures, can put down cash towards the down payment, and the cost of comparable houses in the neighborhood works to his benefit, he has got a really good likelihood of qualifying for a hard money real estate loan.

Finding a hard money lender in Miramar, Florida to help with expenses for your renovation project is not very challenging, so long as the opportunity in front of you is promising and boasts the right prospect for returns. Complete the contact form or call us and let's discuss your property.