Hard Money Loans in Rockledge

A remarkable deal on a fix and flip opportunity in an excellent subdivision shows up out of the blue — seems so good that it's difficult to believe. Many people know that capable professional flippers, along the lines of Tarek and Christina El Moussa who star in HGTV's reality home flipping show, Fix or Flop, can generate a typical profit margin of forty to fifty thousand dollars when they rehab properties. Of course, you also understand that their successes can be credited to the fact that they are experts, are proficient in hard money loans, they know market trends really well and in addition, they know how to work an auction to purchase their houses at a good price. However, you're convinced that your superb rehab and remodeling knowledge will help you do an outstanding job on this house — additionally, you have already lined up one of the most sought after general contractors in the area to take on this job.

But where do real estate investors obtain capital? If you approach a standard lender, such as a bank for financing, it more than likely will take a minimum of 4-8 weeks for the acceptance to be completed and the money to be accessible. Because most sellers prefer a fast closing, it may be best to start searching for other financing alternatives.

As well as this, if you have a sub-optimal credit situation or do not receive a conventional source of income, it is usually harder to obtain a bank loan, considering the stricter loan requirements banks have put in place of late. So does that mean you are without an option, but to give up your ambition of getting into home flipping? By no means, on the grounds that you can always go the Rockledge, Florida hard money loan route to pay for your home flipping project.

A hard money home loan in Rockledge can provide what is deemed crucial to most real estate sales — a quick closing of only a couple of weeks and at times even less. Additionally, loans are made up to 70% loan-to-value of the as-is value, as determined by a licensed appraiser. Some individuals believe hard money real estate loans to be higher priced than ordinary loans, considering interest rates of such loans normally start off at 10%. But usually, the rate of interest isn't as pertinent for these loans, given that they are not long-term financing. As it pertains to short-term loans of several years or less, you should think of them similar to every other expenditure for your project. After you renovate and resell the home, recovering this expense is no different than recovering the money you spent for home appliances you installed in the home.

Also, it's easy to qualify for a hard money mortgage, even when your credit score is not that superb. Rockledge hard money lenders do not approve a loan solely on the basis of the person's credit score — instead they also examine the property or home, its location and value, and the home's ability to pay back the loan without the assistance of the person. On top of this, if the borrower have proven experience in comparable real estate ventures, can place down money towards the down payment, and the price of comparable houses in the vicinity works to his benefit, he has got a really good likelihood of qualifying for a hard money real estate loan.

So if you have found a really great real estate opportunity with a high prospect of returns, you have also stumbled upon a hard money lender in Rockledge that's happy to fund your fix and flip projects. Enter your info into the contact form or call us to talk about the property or properties you have in mind.