Hard Money Loans in Pembroke Park

Suppose you've come across this excellent deal on a fix and flip property in an ideal location, and you are either an experienced real estate investor or a first-timer who hopes to try his hand at flipping. Expert house flippers, similar to the young couple on Flip or Flop, HGTV's reality flipping show, are able to haul in a gain of forty to fifty grand on most projects. And yes, they are helped in a big way via their professional experience, auction expertise and familiarity with hard money loans. Nonetheless, your rehab and renovation knowledge isn't that bad either — aside from that, you've already located an ideal licensed contractor to start the project.

But where can you find the needed financing for home flipping? If you go after an ordinary loan via a bank, you will need to wait around somewhere around 4-8 weeks until eventually the mortgage loan is approved and the funding is ready. Due to the fact all the sellers are looking for a fast closing, that doesn't seem like a great idea to you at all.

With banks bringing in harder loan criteria in the recent past, it's become tougher for a self-employed individual to obtain a home loan, especially if his credit circumstances are not optimal. So will a lack of financing prevent you from sticking to your dream? By no means, on the grounds that you can always use the Pembroke Park, Florida hard money loan approach to fund your flipping project.

A hard money home loan in Pembroke Park promises what's perhaps most essential to real estate investors — a quick closing time period of as few as 14 days. Aside from that, loans can be done for up to 70% loan-to-value of the "as is" home's valuation, as determined by a qualified appraiser. At first, hard money real estate loans, with starting interest rates of 10%, appear to be more pricey than bank lending products. But when you consider these are not long-term loans, the rate of interest can be misleading. When it comes to short-term loans of a few years or less, you should look at them the same as you would for any other expense for your project. Right after you rehab and unload the house, recouping this expense is just like recovering the cost of the stainless steel appliances you put in the house.

Aside from that, hard money mortgages are not difficult to qualify for, regardless if you have below-average credit. Pembroke Park hard money lenders do not take on a loan strictly judging by the customer's credit score — instead they will examine the property or home, its valuation and location, and the property's ability to pay back the loan independent of the applicant. Adding to this, if the individual can demonstrate past experience in equivalent real estate projects, can place down money for the down payment, and the price of comparative homes in the vicinity works in his favor, he has got a very good likelihood of being eligible to obtain a hard money real estate loan.

So in case you have found a really great home to flip with a huge chance of returns, you've also found yourself a hard money lender in Pembroke Park who's ready to provide funding for your rehab project. Enter your info into the form or give us a call and let's discuss the project you have in mind.