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Are you a real estate investor or house flipper looking for better hard money fix and flip financing pricing on your next acquisition? Or, are you new to flipping houses and want to know what it costs for hard money fix and flip financing for your first project?
Everyone we talk to at FCTD has an opinion about the COVID-19 pandemic, from borrowers, Realtors, mortgage brokers, lenders, escrow officers, and everyone else we talk to during the day. Listening to people is fascinating because it shows where people get their information from. Sources of information are far ranging, from scientists, doctors, friends on the front lines or in the medical field, financial analysts or journalists, right-wing and left-wing media, along with YouTube conspiracies that go viral on social media. Everyone has facts, alternate facts, opinions, and fears that come out in conversation.
Hard money constructions loans during COVID-19 are evolving with each passing week as construction lenders are shifting on the fly into a more cautious mode. This blog post will give a quick run down of what First Capital Trust Deeds is seeing the hard money construction loan market in the middle of April 2020, one month into the forced shutdown of the economy.
Despite interest rates dropping across the board from Treasuries to 30-year mortgage rates, hard money interest rates have been rising during the first forty-five days of the COVID-19 pandemic.
One of the most common questions we receive are, “What are the closing costs of a hard money loan?” Everyone wants to know about costs on a loan and FCTD makes sure to discuss closing costs with borrowers.
At the beginning of April 2020, nearly every country in the world is experiencing the impact of the spread of the COVID-19 virus, taking a human toll in lost lives and an economic toll as the global economy has essentially been shut down to slow the spread of the virus. As I wrote yesterday, the residential mortgage industry has changed significantly in the last thirty days. Hard money lending saw significant changes in March. But, hard money lending is not dead. In fact, loans are still funding. This post will let you know what it takes in obtaining a hard money loan during COVID-19.
We hope that you and your family have your health and safety during this unprecedented time of the COVID-19 pandemic. Please be safe.
When people think of hard money loans, even industry professionals, they mostly think hard money loans are equity-based up to 60% Loan-To-Value (LTV) with little to no credit or income verification requirements. This could be true of a small section of hard money loans, where an individual investor (lender) with a $1,000,000 makes a few hard money loans each year to a few local real estate investors.
At this time of year, people are in a festive mood and ready to give to others. The holiday cheer tends to warm hearts and cause business owners in every industry to dig deeper to give.
Investing in real estate is a great way to diversify your portfolio. Property is a tangible asset with inherent value, unlike many other types of investments. Real estate is certainly not as volatile as the stock market. However, that doesn’t mean every property is a good purchase. Investors do sometimes make mistakes, so here are some big ones you’ll want to avoid.