There are many types of loans to choose from when it comes to getting a home loan, but some are better than others when you’re looking at a fix-and-flip property. One of the most popular 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 home loans for a flipper. 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 give 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!