Hard Money Loans in Venice

Suppose that you've run into this really great bargain on a fix and flip property in an ideal location, and you happen to be either a skilled real estate investor or a newbie who is looking to try his hand at flipping. Expert residential home flippers, much like the young married couple on Flip or Flop, HGTV's reality flipping series, are able to bring in a profit of $40-$50k on a consistent basis. It goes without saying their past experiences rehabbing, knowledge of hard money loans, expertise in their market, and auction skills have played an important role in their results. Still, your rehab and remodeling skills aren't bad either — besides, you've already located a suitable contractor to tackle the home.

But financing is often a different problem altogether. A traditional lender, like for example a bank, takes at the very least 1-2 months to authorize the mortgage and provide the money. Due to the fact the sellers want a fast closing, that doesn't appear to be a good option to you whatsoever.

With banks establishing tougher loan requirements in recent years, it is more difficult for a self-employed person to get a home loan, particularly if his credit situation is not optimal. So should you give up and abandon your aspiration to venture into fix and flips? Never, on the grounds that you can always use the Venice, Florida hard money loan approach to fund your home renovating project.

A hard money home loan in Venice provides what's probably most important to real estate investors — a quick closing time of as little as a few weeks. Besides that, hard money lenders will often consent to funding up to 70% LTV of the property or home's valuation, as determined by a credentialed third-party appraiser. At first, hard money real estate loans, with starting lending rates of 10%, appear to be costlier than bank lending options. But the term lengths for these loans are much shorter, which makes the rate less important. The price tag on such short-term loans should be looked at on par with every other expenditure that you will encounter during the project. And as soon as you have finally turned the property, recovering this expense is comparable to recuperating the expense for all the kitchen and bath upgrades you performed.

In addition, even someone with weak credit can easily qualify for a hard money mortgage. As an alternative for focusing only on the borrower's credit score or wages, Venice hard money lenders, who may be a privately owned company or an individual person, authorize a loan as a result of analyzing the property value, its salability, where it is located, and the odds of recuperating their money should they have to foreclose the loan. On top of that, if the borrower have proven experience in similar real estate endeavors, can put down cash for a down payment, and the cost of comparable homes in the vicinity works in his favor, he stands a really good shot of being eligible to obtain a hard money real estate loan.

So any time you run into a good and lucrative investment opportunity, relax knowing you'll have a hard money lender in Venice, able to loan you the funds you'll need. Submit the form or give us a call and let's talk about your property or properties.