Hard Money Loans in North Miami Beach

There is this amazing possibility for renovating and flipping this nice outdated property in a good area and it seems a lot like the one you have been eagerly waiting on for quite some time. Most folks know that knowledgeable professional flippers, along the lines of Tarek and Christina El Moussa from HGTV's reality home flipping show, Fix or Flop, can readily generate an average profit of forty to fifty thousand dollars on their home projects. No need to explain that their past experiences rehabbing, knowledge of hard money loans, familiarity with the housing market, and auction skills have had a big role in their successes. Nonetheless, your rehab and remodeling knowledge isn't that bad either — besides, you've already located a good building contractor to tackle this job.

But how exactly do real estate investors obtain funds? A traditional lender, like for example a bank, takes at least 1 to 2 months to authorize the loan and hand over the cash. With the sellers looking for a fast closing, that doesn't appear to be a wise idea to you whatsoever.

With banks adding more challenging loan guidelines in recent times, it has become more challenging for a self-employed person to obtain a mortgage loan, particularly if his credit circumstances are not perfect. So must you give up and forego your dream to venture off into fix and flips? Certainly not, because you also have the North Miami Beach, Florida hard money loan option.

A hard money home loan in North Miami Beach offers what's viewed as vital to many real estate transactions — a very fast closing of only a few weeks and oftentimes less. In addition, the LTV value can range up to 70% of the property value, as estimated by a certified appraiser. With interest rates starting off near 10%, hard money real estate loans might seem, at first, to be higher priced in comparison with conventional bank loans. But the term lengths for these loans tend to be comparatively shorter, which makes the interest rate less significant. Short-term loans of several months to a handful of years are best understood as cost of capital, much like all other expenses associated with a project. And once you've finally flipped the house, recovering this expense is comparable to recuperating the expense for the bathroom or other improvements you did.

Also, it isn't difficult to qualify for a hard money mortgage, regardless if your credit situation is not that impressive. Rather than focusing strictly on the borrower's credit score or wages, North Miami Beach hard money lenders, who can be a private company or an individual, approve a loan after evaluating the property value, how easy it will be to market, where it is located, and the possibility of recovering their capital in case of foreclosure. Adding to this, if the borrower have proven experience in comparable real estate projects, can place down cash for the down payment, and the cost of comparative homes in the vicinity works in his favor, he will have a good likelihood of being eligible to get a hard money real estate loan.

So in the event you come across a really good and lucrative flipping opportunity, relax knowing you will have a hard money lender in North Miami Beach, in a position to loan you the money you may need. Fill out the form or get in touch with us via phone and let's discuss the property or properties you have in mind.