Hard Money Loans in South Bay

A remarkable buy on a fix and flip opportunity in an excellent area of the city all of a sudden shows up — sounds too good to be true. You may have heard that professional house flippers, such as the married couple on HGTV's Flip or Flop, turn a remarkable average profit near forty to fifty thousand dollars. And without a doubt, they are helped in a big way via their professional knowledge, auction expertise and understanding of hard money loans. However, you're convinced that your superb rehab and renovation talents will help you do an outstanding job on the project — in addition, you already have arranged to have one of the best building contractors in the business to work on the job.

But how can you find the necessary capital for home flipping? Should you get in touch with a common lending institution, such as a bank for a loan, it can take, at a minimum, 30-60 days for the acceptance to be completed and your money to be accessible. Since the majority of sellers prefer a fast closing, you might need to start searching for other financing alternatives.

To add to it, banks have already been tightening up their lending criteria in recent years, rendering it more challenging for people to receive a traditional home loan if their credit situation is not perfect or he does not possess a consistent salaried job. So must you admit defeat and forego your desire to embark into real estate? Under no circumstances, particularly while South Bay, Florida hard money loans can help you realize great things in the real estate world.

If you should put in an application for a hard money home loan in South Bay, you'll get what's perhaps most essential to real estate purchases across the country — a very fast closing of approximately two weeks. Also, hard money lenders can do funding up to 70% LTV of the property or home's valuation, as assessed by a credentialed third-party evaluator. Some people believe hard money real estate loans to be higher priced than standard financing, since the lending rates for these loans usually start at 10%. But usually, the lending rate isn't as useful a measure for these loans, simply because they are not long-term loans. The price tag on such short-term loans should be looked at on par with any other cost that you would have to meet for the project. And as soon as you have finally sold the house, recuperating this expense is identical to recuperating the expense for all the kitchen and bath updates you did.

Besides, hard money mortgages are easy qualifying, even if you have got below-average credit. South Bay hard money lenders do not approve a loan solely on the basis of the applicant's credit score — rather they will assess the property or home, its location and value, and the property's capacity to pay back the loan on its own. Other criteria that influence a person's approval for a hard money real estate loan can include what amount of money he can put towards a down payment, his former experience being a real estate investor, and price range of comparable, recently sold properties nearby.

Finding a hard money lender in South Bay to fund your renovation project is not difficult, assuming that the opportunity that lies before you is promising and possesses a good potential for returns. Fill out the contact form on this page or get in touch with us via phone and let's talk about the property or properties you have in mind.