Hard Money Loans in Riviera Beach

There is this phenomenal possibility for renovating and flipping this nice out of date condo in a fantastic location and it looks like the one you've been looking forward to for quite a while. Most folks know that knowledgeable professional flippers, like Tarek and Christina El Moussa who do HGTV's reality home flipping show, Fix or Flop, can readily make an average profit of $40,000 to $50,000 when they rehab properties. No need to explain that their past experiences rehabbing, understanding of hard money loans, familiarity with the housing market, and auction talents have played an important role in their results. That said, you have also been brushing up your rehab and renovation knowledge, have got a building contractor ready for the project and are confident that you will be able to do a great job for this home.

But money is a different issue entirely. A conventional lending institution, for instance a bank, takes at a minimum 1 to 2 months to approve the financing and deliver the cash. With the sellers wanting a fast closing, that does not appear to be a good option to you at all.

With banks introducing harder loan requirements in recent times, it is now more difficult for a self-employed individual to obtain a home loan, particularly if his credit rating is not optimal. So must you stop trying and forego your desire to venture into real estate? Not at all, especially while Riviera Beach, Florida hard money loans can help you realize great things in the real estate market.

A hard money home loan in Riviera Beach promises what's perhaps most sought after by real estate investors — a fast closing time of as few as fourteen days. Aside from that, loans can be made up to 70% loan-to-value of the "as is" house value, as deemed by a licensed appraiser. With interest rates starting out at about 10%, hard money real estate loans might appear, at first glance, to be more costly when compared with conventional bank loans. But the lengths of these loans are quite shorter, which means the interest rate is far less significant. Short-term loans of several months to a handful of years are best thought of in terms of cost of capital, much like every other expenditure associated with a project. And once you have finally flipped the home, recovering this expense is comparable to recovering the expense for all the bathroom improvements you did.

Aside from that, hard money mortgages are not hard to qualify for, regardless if you posses below-average credit. The person's credit score isn't the sole determining factor for Riviera Beach hard money lenders — in addition, they analyze the home, its market value, where it is located, and its potential to return their financial commitment if things do not work out as intended. How much of their own money an applicant can put down in advance for the property or home, how much experience he has in real estate investing, and selling price of comparable properties in the same vicinity are various other details that go into analyzing a borrower's suitability for a hard money real estate loan.

Locating a hard money lender in Riviera Beach to help with expenses for your flipping business is not difficult, so long as the opportunity before you is promising and has the right potential for returns. Submit the form on this page or give us a call and let's discuss the property or properties you have in mind.