A leader in non-conforming loans, Trevor Cole Commercial Corp. provides debt support to America’s real estate investors. Based in New York City, Trevor Cole Commercial Corp. closes many types of loans including hard money loans for home flippers.
There are many reasons why real estate flippers prefer hard money loans. One of them is the ease of access. Unlike traditional mortgages that take time to close, hard money loans can be accessed much faster. And when a good property is on the market, time is of the essence. Another reason is more convenient terms. Many hard money loans for home flipping have a term of six to 18 months. This is different from traditional mortgage loans with a term of 15 or 30 years. Home flippers want to purchase property, renovate it, and sell quickly therefore, an option to avail of shorter-term loans can be an attractive prospect. Moreover, many hard money loans have fixed interest rates that are lower than traditional mortgage loans. In some instances, they are given as balloon-payment loans where repayment is not done monthly but as a one-time payment, after a home is sold. Furthermore, loans for flipping homes are advanced to investors based on their ability to repay rather than their credit scores. That means a track record of successful flips can convince a lender to fund an investor’s next flip even if he or she has bad credit. Finally, hard money loans can cover a significant part of the entire project’s cost for up to 90 percent of the cost of acquisition and renovation.
5 Comments
6/18/2023 07:10:35 am
I appreciate you pointing out that many fixed-rate hard money loans offer cheaper interest rates than conventional mortgage loans. According to my mother, she wants to purchase commercial real estate for investment purposes. I'll advise her to obtain fixed-interest commercial real estate loans.
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7/31/2023 08:07:34 am
Thank you for this insightful blog post on real estate! As someone interested in the housing market, your article provided some valuable information and considerations.
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7/31/2023 08:12:34 am
I found your explanation of the current trends in the real estate market very interesting. Understanding factors such as supply and demand, interest rates, and market conditions can help both buyers and sellers make informed decisions. It's crucial to stay updated on these trends to navigate the market effectively.
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8/1/2023 12:27:10 am
The tips you shared for buyers were practical and helpful. Conducting thorough research, working with a knowledgeable real estate agent, and getting pre-approved for a mortgage are crucial steps in the home-buying process. Your emphasis on setting realistic expectations and considering long-term goals is a valuable reminder for potential buyers.
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11/13/2023 10:19:48 pm
This article on why real estate flippers find hard money loans attractive sheds light on a crucial aspect of the real estate industry. Hard money loans offer quick financing with less emphasis on credit scores, making them appealing for investors seeking rapid property turnovers. However, I'm curious: What are the typical interest rates and repayment terms associated with these hard money loans?
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AuthorTrevor Cole Commercial Corporation of New York City specializes in procuring funding for large real estate projects, including multifamily properties and office buildings across the nation. Archives
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