There are many types of loans to choose from when it comes to fix and flip loans, but some are better than others when you’re looking at a fix-and-flip property. One of the most popular short term mortgage loans for flipping houses is a hard money loan, a fast and easy alternative to bridge loans.
Hard money loans aren’t for everyone, but they can be just what some people need when they’re looking for fast flip home loans. The most common type of client looking for a hard money loan is one who has a proven track record of fixing homes and has flipped them in the past, which gives the lender an incentive — and confidence — to fund the project. New flippers may be able to qualify if they agree to get help from a contractor.
Hard money loans can be relatively easy to qualify for, but the rates can be considerably higher than a typical home loan. Don’t worry, though, because with a fix-and-flip you’re usually paying on the loan for less than a year…six months if you’re fast with your renovations!
Looking For a Hard Money Loan?
If so, Lafayette Lenders has great options. And if hard money loans aren’t for you, we have other excellent options when it comes to fix-and-flip loans. Contact us today to get the best one for you!