Construction Loans

Is There A Difference Between Drywall And Sheetrock?

Sheetrock is simply the brand name of an incredibly popular drywall product. Drywall, a panel made of gypsum plaster sandwiched between thick paper, has many vendors. Though people will call all sorts of drywall, “Sheetrock,” only drywall from U.S. Gypsum Company is actually allowed to market drywall as under the name Sheetrock. So, even if the drywall is from Titan Commercial Products, Allied Manufacturing, or National Gypsum Company, people are likely going to call it, “Sheetrock.”  Sheetrock was one of the first drywall products and is so popular that its name seems virtually interchangeable with drywall. Think about how often you call an off-brand of tissue, “Kleenex.” It’s the same idea. Not all nuggets are McNuggets, but that doesn’t mean children won’t refer to them as such.

Drywall by other names is also wallboard, plasterboard, gypsum board, or gypsum panel. It’s made from calcium sulfate dihydrate (gypsum) with or without additives. Usually it’s pressed in between thick sheets of paper (a facer and a backer.)
Tip: You can sometimes find drywall half priced in decent shape at Habitat for Humanity or other resale stores.
Are You Looking for a Hard Money Loan to Flip a House?
Paces Funding is a Hard Money lender offering hard money loans to purchase and renovate non-owner occupied residential and commercial properties throughout the Atlanta, Nashville, Florida, North and South Carolina metropolitan areas.

Call us at 404-814-1644 or contact us online to find out whether you might qualify for this type of funding. In the meantime, check to ensure that you meet our loan criteria. Our loan amounts can be up to 65 percent of the after-repaired value of the collateral—and if you use the loan for renovation or construction, the loan amount can be based on the collateral’s improved value.

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    If You Don’t Have 100% Of The Funds, Don’t Start A Real Estate Project

If You Don’t Have 100% Of The Funds, Don’t Start A Real Estate Project

If you don’t have all the funds you will need for your real estate project, be that flipping a house or renovating a potential rental property, don’t take that risk. That’s a gamble that could end up with you in a really bad situation. If you want to start a real estate project, be sure to start with more debt or more funds than you think you will need. That’s right, always starts with a loan for more than what you think you will need to complete the project.

See, it’s easier to get initial funding than subsequent funding. If something comes up and you don’t have the funds to cover it, your entire project could stall, and then fall apart. You don’t want to spend countless hours and resources only to lose all of your work in the eleventh hour. It’s not unheard of for someone to get 90% finished on a real estate project and then lose everything. Why? Because they tapped out of funds. Don’t learn the hard way. Take our word for it. Never start a real estate rehab project unless you have all of the money that you will need to finish the job.

 
Are You Looking for a Hard Money Loan to Flip a House?
Paces Funding is a Hard Money lender offering hard money loans to purchase and renovate non-owner occupied residential and commercial properties throughout the Atlanta, Nashville, Florida, North and South Carolina metropolitan areas.

Call us at 404-814-1644 or contact us online to find out whether you might qualify for this type of funding. In the meantime, check to ensure that you meet our loan criteria. Our loan amounts can be up to 65 percent of the after-repaired value of the collateral—and if you use […]

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    How A Can Of Paint For The Front Door Can Increase Sale Price By $1,500

How A Can Of Paint For The Front Door Can Increase Sale Price By $1,500

If you earn money flipping houses, every upgrade needs to increase the sale value of your investment. You know you need to paint the front door, because it’s weathered looking. But do you know what color to paint it to get the most money from the sale of the house? We do.

Zillow analyzed thousands of photos from residential property sales. It looked at specific colors and specific locations on the houses that increased or decreased the average sale price, and by how much. Color makes a huge impact on buyers. Even though it would be easy for the buyer to paint a front door themselves, for example, they don’t necessarily have that ability to envision it. They might not even know what they don’t like about the new house you just renovated. Maybe it just doesn’t stand out.

It turns out that if you paint the front door of the house you’re flipping a shade of navy blue, dark grey or charcoal, you could drastically increase the sale price for such a minor cost investment. Doors painted these colors on average see a boost of $1,514 added to the sale price of the house.
What About Metal Front Doors?
If you need to turn a drab white metal door a lovely shade of charcoal, here are some tips:

Use an angled brush and paint the recessed panel areas and then let them dry completely (at least 45 minutes).
Use the grey primer formula to lessen the number of coats of charcoal paint you’ll need to apply.
Paint from the top down.
Oil-based paints may take longer to dry, but are great for use on metals that rust. Typically, water-based paints are best for exterior use though. If you […]

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    Are You Sure You Want To Pay Retail Price For A New Sink From A Big Box Store?

Are You Sure You Want To Pay Retail Price For A New Sink From A Big Box Store?

Don’t pay retail price for a kitchen sink when like-new used sinks, sinks from competitively priced online specialty shops, and salvaged sinks save you bundles. Look, if you’re flipping a house, a gorgeous kitchen sink makes a real difference. That doesn’t mean you should pay full price for the sink though. You also don’t have to spend time and gas money hoping for a great find at a Habitat for Humanity store. The online market offers sink basins in remarkable shape at a serious discount.

 

Used Farmhouse Stainless Steel Sinks On Amazon

If you buy a new Kraus farmhouse stainless steel sink basin, you’ll pay between $400-$480 for a brand new, handcrafted premium 16 gauge T-304. The extra-deep basin, clean lines and apron front compliments any décor. This sink creates a dramatic kitchen focal point buyers love.  This same sink costs under $300 on Amazon used. It ships repackaged in excellent condition. The buyer won’t know you saved a bunch of money. If you flip multiple houses, one to two hundred dollars can add up to thousands saved quickly.

Vintage Sinks From Specialty Online Stores

Online specialty stores sometimes offer amazing reductions from retail prices on kitchen sinks. Some online specialty stores earn their big bucks from glorious vintage tub basins, but they slash the prices of items like kitchen sinks.

For example, Vintage Tub & Bath, offers free shipping on orders over $50. It’s been in the industry for decades, but it’s a smaller shop located in Pennsylvania. You could save hundreds on a Randolph Morris fireclay apron farmhouse sink. Sinks like these are even hotter with buyers than the gorgeous stainless steel sinks. This high quality sink would cost you several hundred dollars, but for less […]

Your Credit and a Hard Money Loan

Sure, credit matters.

But there are many good people who have terrible credit scores (and vice-versa).

What that means is that those good people are often ignored by lenders, and in many cases, the reasons behind their poor credit are far beyond their control.

So what happens if someone with bad credit wants to get a rehab loan?
Bad Credit and Rehab Loans in Atlanta
When someone with bad credit attempts to get a rehab loan through a traditional lender, the lender may not even look at his or her circumstances. In those cases, turning to an Atlanta hard money lender is typically the best option.

Why?

Because a hard money lender, even if they check your credit, is really looking at the most important factor: the value of the house.

In many cases, a hard money lender is able to fund a loan when the applicant has poor or less-than-perfect credit because what really matters is how much the property is worth. Remember, in a hard money loan, the property serves as collateral.
Should You Apply for a Hard Money Loan With Bad Credit?
Don’t let your credit score stop you from applying for a hard money loan. In fact, we may be able to help you if traditional lenders have turned you down. While bad credit can be a challenge, you can overcome it.
Do You Meet Our Loan Criteria?
If you’re thinking about applying for a hard money loan through Paces Funding, check to ensure that you meet our loan criteria. Our loan amounts can be up to 65 percent of the after-repaired value of the collateral—and if you use the loan for renovation or construction, the loan amount can be based on the collateral’s improved value.

Read our frequently asked questions and take […]

Construction Hard Money Loans

If you’re like most people, coming up with money quickly for construction ventures isn’t always easy. There are many ways to try to obtain money… but are they all practical? Here’s why considering a construction hard money loan may be your best bet.
About Construction Loans
When you’re looking at ways to fund a building project, you could try to obtain a loan from a bank or mortgage lender, take the crowdfunding route, or get a construction hard money loan.
Traditional Construction Loans
Traditional construction loans are funded by banks and mortgage lenders—but they may not be as easy to obtain as you think they are.

If the lender approves you based on your credit and other strict criteria, you’ll be able to take advantage of a short-term loan that must be paid off by another mortgage loan. Keep in mind, though, that you’ll be paying a high interest rate during the construction phase. The loan approval process can be very lengthy, and most conventional lenders require a lot of detailed information (and a hefty down payment).
Crowdfunded Construction Loans
Crowdfunding for real estate investments is becoming more popular. These are a good source of funding if you’ve been denied by banks; however, most serious individual investors need proof that they’ll see a return on their investment—and that you’re not a huge risk.
Hard Money Construction Loans
Construction hard money loans also require a down payment, and you’ll face some high interest rates, but your chances of getting funded are significantly higher. Hard money lenders typically don’t require all the information the banks do, and the process is usually faster.
Construction Hard Money Loans in Atlanta
If you’re looking for a hard money loan in Atlanta, we may be able to help you.

Call us at […]

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    The Real Reason Your Construction Loan Was Denied by a Major Lender

The Real Reason Your Construction Loan Was Denied by a Major Lender

If your bank will not approve your construction loan, you may feel as if it’s because of something you’ve done. In reality, however, you are most likely part of a growing trend. We’re going to crunch the numbers for you to identify why you are not alone, and what you can do about it.

As the reports from the FDIC show, bank-approved real estate loans in general have been on the decline for years. The third-quarter report for 2015 shows that real estate loans accounted for less than 3 percent of all bank activity – that’s not much, especially when considering construction loans accounted for over 7 percent of all bank activity in 2010, just 5 years prior.

Using the FDIC report generator, you can see for yourself that the banks made over $3 billion in profits from real estate loans in the third quarter of 2015 (the most recent report available). However, of the $3 billion, construction loans only accounted for $249,000. This number is very small to begin with, but it is down more than $100,000 from the same time 5 years ago.

Bottom line, this trend shows that construction loans are simply not making enough money for the banks to take them seriously. They are too risky of an investment for banks, and the real estate market is not strong enough to guarantee a profit for the banks if they were to seize a property. As a result, they often won’t touch these types of loans.

Instead, banks want to focus on the largest construction contracts possible so that they can minimize the risk and generate the most money at once. Fortunately, you can choose to work with a hard money lender instead of wasting […]

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