Private Money Lenders: No Appraisal or Inspections Required for House Flipping
When it comes to flipping houses, there are certain advantages to working with private money lenders or hard money lenders. Unlike traditional lenders, they often don’t require a formal appraisal or inspections before providing funding. This means that as a fix-and-flip investor, you can save both time and money on upfront costs. Instead of relying on third-party appraisals, these private/hard money lenders will conduct their own analysis of the After Repair Value (ARV). Therefore, making the lending process much more streamlined.
Private Money Lenders | The Hard Money Co.
One notable private money lender in this space is The Hard Money Co. They specialize in providing financing to real estate investors who are looking to renovate properties for resale. Additionally, they do not perform traditional appraisals on investment properties being flipped. Instead, they do their own internal comparative market analysis (CMA) to estimate the after-repair value (ARV) of the property.
Private Money Lenders | Boomerang Capital Partners
Another reputable player in the market is Boomerang Capital Partners, who offer tailored lending solutions for fix-and-flip projects.
For new investors looking to make cash offers on discounted properties. Some hard money lenders may provide loans without requiring upfront appraisals, contractor estimates, etc. before closing. Furthermore, this allows making offers without those contingencies. However, the lender will still need to evaluate the deal, often by estimating the ARV themselves based on comparable sales data. Their loan amount is typically a percentage of this projected ARV.
Conclusion
So in summary, while traditional lenders require full appraisals. Some private/hard money lenders aimed at fix-and-flip investors will lend based on their own ARV analysis rather than a third-party appraisal. Therefore, avoiding that upfront cost and time delay. In addition, working with these private money lenders can be a game-changer for investors. As they understand the unique needs of the industry and provide flexible financing options. By eliminating the need for full appraisals and inspections, they enable investors to move quickly and seize profitable opportunities in the market. So if you’re considering flipping houses, it’s definitely worth exploring the benefits of partnering with private or hard money lenders.
Contact Information
To schedule a coffee date or learn more about private money lenders, contact Terra Point Realty at 713-766-1697. Their friendly and knowledgeable team is ready to assist you. Don’t miss out on the opportunity to live in your dream house – schedule a coffee date today and start your journey.
