Corpus Christi Hard Money Fundamentals: ARV's, Rates, Terms, Qualifications and More
Benefits of Hard Money Lending in Corpus Christi
- Common Sense Underwriting
- Additional Borrowing Clout
- Customizable Loans
- No Limitations on the Number of Properties
What is Hard Money in Corpus Christi Texas?
Hard money is a kind of mortgage loan that is a choice when typical loans are not. Real estate investors across the Corpus Christi TX area are researching to acquire, fix-n-flips and also offer residential homes and also commercial buildings for which they are always in a continuous search of financing alternatives where they can access the needed quantity quickly. However, because of the stringent eligibility standards, bad credit reporting, reduced lending quantity and also unsuitable lending period, the typical settings of financing aren’t always available. This is where hard money loan providers help out and come to the rescue of investors.
Hard money loan providers not only supply investors the money they call for to get the a residential or commercial property they desire buy, they additionally supply advice in choosing the profitable residential property with possibility for a great “repair and also turn” deal, along with getting the offer authorized rapidly and also efficiently. Below’s a consider the key reasons that home flippers in Corpus Christi are resorting to hard money loan providers over typical financing.
Hard Money Rates and Terms in Corpus Christi
There are many variables that influence the interest rates you can get with your hard money mortgage. These variable range from; credit scores, credit history, liquidity and real estate investing experience.
100 Percent Financing for Hard Money Lending in Corpus Christi
So is it really possible to get 100 percent financing on a hard money mortgage? The quick and simple answer is ABSOLUTELY, as long as you have a properly structured deal!
Now there are some provisions that make up a a properly structured deal.
- Not all hard money lending programs offer this type of leverage
- Not all borrowers will qualify for this type of hard money financing
- Not all potential properties will fit the program
In order to accomplish a properly structured hard money financing deal, you need to understand how to leverage a hard money mortgage. Here are the variables you will need to dial in on upfront before you can consider this option and in this order.
- Comps that you dialed into that gives you an accurate after-repaired-value (ARV)
- An accurate rehab budget
- As always, you will need to negotiate a low sales price
- Now if your negotiated low sales price and your rehab budget = 70 percent (or less) of the after-repaired-value (ARV)
- The property should qualify for 100% hard money financing in Corpus Christi because the best lenders will give you all of the 70% of the ARV which = 100% financing! The purchase price and the rehab costs will be covered*
*There are a few variables that could prevent the property from qualifying
Hard Money Lenders in Corpus Christi Fund These Property Types:
Commercial Hard Money Financing in Corpus Christi
Types of commercial properties hard money mortgages finance:
- apartment complex loans
- mixed use loans
- industrial loans
- blanket mortgages loans
- raw land loans
- construction loans
- development project loans
Residential Hard Money Financing in Corpus Christi
- fix and flip loans
- rehab and rent loans
- buy and hold loans