Got Ugly Homes? Hard Money Rehab Loans Help Fix Up the Dog Houses in the Neighborhood
It was easy to get rehab loans from the bank before the financial meltdown of 2008. However, these days it’s not that easy to obtain rehab loans from your bank. HELOC loans, which used to be readily available for rehabbing properties, have all but disappeared along with the home equity required to collateralize them.
Real estate investors are using hard money rehab loans to make the ugliest houses in the neighborhood more appealing to the eyes of interested buyers. One advantage of hard money rehab loans is the process of obtaining them is not as difficult as compared with bank loans, since most hard money lenders don’t base their loan decisions on credit or income of borrowers.
Hard money rehab loans are also being used by those who want to quickly sell their ugly or outdated homes. The average funding timeline for hard money rehab loans is less than 2 weeks while a bank could take between 45-60 days to approve such a loan. Take a glimpse of the before and after photo of the house click here. This is the product of a hard money rehab loan.