Hard Money Loans in New Smyrna Beach

There's this phenomenal opportunity to fix and flip this nice old condo in a good location and it seems a lot like the one you have been anticipating for a long time. You've heard that competent property flippers, like the husband and wife on HGTV's Flip or Flop, enjoy an impressive average return close to $40,000 - $50,000. Naturally, you also are aware that their results are due to the simple fact that they're experts, are knowledgeable in hard money loans, they know the market quite well and they also know how to work an auction to purchase their properties at a reasonable deal. Still, your rehab and remodeling skills aren't bad either — in any case, you have already identified the right building contractor to handle the job.

But how do you obtain the necessary financing for flipping? When you get in touch with a customary lending institution, such as a bank for financing, it's in all likelihood going to take, as a minimum, 30-60 days for your acceptance to be completed and your money to be accessible. Since the majority of home owners prefer a fast closing, it may be advisable to begin looking for some other funding options.

With banks introducing more challenging loan standards in the past several years, it has become more difficult for a self-employed person to find a mortgage loan, especially when his credit score is not perfect. So will inadequate financing prevent you from following your dream? Certainly not, because you also have the New Smyrna Beach, Florida hard money loan option.

A hard money home loan in New Smyrna Beach promises what is possibly most sought after by real estate investors — a quick closing time of as few as 2 weeks. Aside from that, financing can be done for up to 70% loan-to-value of the "as is" value, as established by a professional appraiser. Some people believe hard money real estate loans to be more pricey than standard loans, because the lending rates for these loans normally start at 10%. But in reality, the lending rate is not as pertinent for these loans, simply because they aren't long-term loans. As it pertains to short-term loans of a few years or less, you should look at them identical to any kind of other expenditure for the project. After you renovate and resell the property, recouping this expense is no different than recovering the one for stainless steel appliances you put in the property.

In addition, even an individual with weak credit will be able to be eligible for a hard money mortgage. New Smyrna Beach hard money lenders do not approve a loan strictly based on the customer's credit score — instead they will examine the home, its location and value, and the home's capability to pay back the financing independent of the borrower. On top of that, if the person can demonstrate prior experience in similar real estate endeavors, can put down money towards the down payment, and the price of comparable homes in the neighborhood works to his benefit, he will have an excellent likelihood of being approved to get a hard money real estate loan.

Locating a hard money lender in New Smyrna Beach to help with expenses for your real estate project is not very challenging, provided that the opportunity that lies ahead of you is promising and has a good prospect for returns. Complete the form or call us and let's discuss the property you have in mind.