Those in the business of buying, renovating and quickly selling homes — known as house flippers — make frequent use of hard money loans. Here at RushFire Private Lending, we have helped many house flippers fund their investments in and around Salt Lake City, Utah, and we can help you too.
House Flipping in Salt Lake City, Utah
Flipping houses has become a big business in the U.S. Some people watch popular TV shows on this subject and believe it’s a quick and easy way to make money. But that’s not how it really is. In order to be successful at house flipping, you need to either complete the renovations yourself or have a reliable team of renovators accessible to you at all times. Otherwise, you can run into trouble.
House flipping can be a great way to make money, but the initial investment is large. You must buy the property, plus fund the renovations. Supplies plus labor add up. Further, renovations take time — sometimes more time than you bargained for. This can tie up significant amounts of cash for longer than you can afford.
Get a Hard Money Loan, Fast
When you get a hard money loan —from RushFire Private Lending, you get the money you need quickly. That’s because hard money lenders don’t comb take a more holistic approach to the project and because RushFire Private Lending is locally based understand your market and the value you can create with hard money.
Banks can take months to verify your income, savings, debt-to-income ratio and more. Hard money lenders are focused on the property, your ability to execute and the anticipated value you will be creating with your rehab project.
This difference is important not just for getting your money fast, but for qualifying for a loan as well.
Even if you had plenty of time to wait for your bank to approve your loan, your chances of approval might not be as high as you would think. If you have a mediocre credit score, if you previously filed for bankruptcy or there is evidence that you made some payments on debts late, a bank might turn down your loan application.
Banks do not necessarily consider the reasons behind your blemished credit history — hard money lenders focus on you and your business needs.
Your Relationship with Your Hard Money Lender
Once you work with our small Salt Lake City based private money lender team on your first house flipping venture, subsequent deals with us will be even smoother. That’s because we will have already established a working relationship with you, and we can focus on growing your business further.
When you’re ready to buy and flip your next house, you’ll be able to count on our help.
RushFire Private Lending for House Flippers
If you’re a house flipper who needs funding for your next purchase, or you’re just starting out with house flipping, talk to our locally based Salt Lake team of hard money lenders. Not only do we lend you money to purchase your property, but we also can send payments directly to the construction companies and suppliers you’re working with to give you more time to focus on completing the project.
Our job is to provide the funding to help you make money and realize your real estate investment goals. Work with the best hard money lender in Salt Lake City, Utah: RushFire Private Lending.