Hard Money Loans

  • Environmental Reports in Real Estate - Atlanta Hard Money Lender
    Permalink Gallery

    What is an Environmental Report in Commercial Real Estate (And Do You Need One)?

What is an Environmental Report in Commercial Real Estate (And Do You Need One)?

Many traditional and hard money lenders in Atlanta require an environmental report before they’ll grant someone a commercial loan. The report should show that the property has been examined for environmental contamination. Even if there’s no lender requirement, though it may be a good idea to obtain one anyway, just for your own peace of mind — and for your future buyers’ peace of mind.
What is an Environmental Report?
An environmental report is an investigation on commercial property to discover if there are any dangerous contaminants. Potential buyers assume the cost of the investigation and it is completed in one or two phases.
Phase I Environmental Report
This is the initial investigation to test for dangerous contaminants. Investigators will research past tenants and prior uses of the property to determine suspicion of contaminant use. In addition, they’ll look for evidence of pollution by examining the adjacent land. If there is indication of contamination; phase II will be initiated. The cost for this report is around $3,000.
Phase II Environmental Report
After contamination is suspected, investigators will conduct a more thorough investigation. If necessary, tests such as soil, groundwater and air analysis will take place. The cost for this report can vary depending on the property and the situation.
What Does This Mean for You and a Lender?
If you’ve purchased contaminated commercial property, you will be on the hook for any clean-up costs regardless if you caused the contamination or not. A lender could be on the line in the event of a foreclosure; making this a risky deal. You won’t always be denied a loan; however, it may be a good idea to search for something else.
Do You Need a Hard Money Lender in Atlanta?
If you’re looking for a hard […]

What is Virtual Wholesaling?

Have you heard of virtual wholesaling? If you’re like most people, you probably haven’t. Virtual wholesaling is essentially buying and selling homes or commercial buildings without having to be there. Most of the time, this is done electronically, and the transactions take place without ever seeing the property in person. The home or building is then turned around and sold quickly to an end buyer.
Advantages to Wholesaling Property
Virtual wholesaling has some advantages such as expanding your reach. If the area surrounding your physical location is short on investment properties, you can branch out. You don’t even have to leave your home or office to make a purchase… although it is a good idea to make at least one trip to see it with your own eyes.

With the ability to buy and sell electronically, it may be worth it to have a few people on your team who are close to the property, and can assess the situation. Having connections with real estate agents or contractors can help you succeed in a new territory.
Disadvantages to Wholesaling Property
If you don’t have eyes in the field—it will be tough to estimate the cost of rehab. You’ll just be looking at photos and videos, and won’t have an actual feel for what needs to be done. This can affect your overall sale and it may cost you in the long run.

Because virtual wholesaling is basically selling your contract (the offer you made on the property), you may need to have some transactional funding to cover the time it takes for the end buyer to wrap things up. It is still your property until the deal closes.
Do You Need a Hard Money Loan in Atlanta?
If you’re looking for a hard […]

REI Resources for Beginners

Not all real estate investors were born into the business. If you’re like most people, you’re probably wondering if you’ll continue this venture after flipping your first home or finding a tenant for your commercial building. Should you decide that real estate investing is your calling, where can you go to learn more?

Most real estate investors didn’t start at the top—they were rookies once, too. In a business where you’re often working alone, how do you find what it takes to be the best?
Network
You’ll learn a lot by networking locally with other real estate investors. It is not uncommon to find networking groups online, packed with people who are looking to meet up and discuss their adventures in real estate. Join a group and be sure to mingle with the seasoned professionals—they’ll be the ones to give you the best tips.
Training & Certificate Programs
There are numerous training and certificate programs online that are geared toward real estate investing. A lot of these programs are self-paced and allow you to learn on your own time. These types of programs and certifications are not a requirement for your profession, but you’ll learn a lot about the industry, as well as the lingo.
Webinars & Podcasts
If you’re not able to enroll in a certificate program, why not watch some webinars online? If you don’t already have a mentor, do a simple web search to learn who the top investors are for your niche. You’ll find that several them offer online webinars or podcasts packed with industry related information. Sign up to listen weekly and learn from the masters of real estate investing.
Do You Need a Hard Money Loan in Atlanta?
If you’re looking for a hard money loan in […]

Take Your Emotions OUT of the Home-Buying Process!

If you’re like most real estate investors, spotting a great deal can get your heart racing and adrenaline pumping. While it can be exciting, you’ll want to make sure you’re not acting like a kid on Christmas morning each time you spot a potential bargain. Calming your emotions and keeping a level head will help you make rational decisions.
If You’re a New REI…
­­In the beginning of your investment journey, you’ll probably find several homes or buildings that speak to you immediately. If you’re able to recognize what is pulling you to that property, you’ll need to ask yourself if this feature would draw the same reaction from an average buyer or tenant. Make sure you’re not making the purchase personal.

Having fond memories of steam engines may cloud your judgment and make you forget that most reasonable people are turned off by living next to train tracks. Just because you find a home or office building fascinating—doesn’t mean it is. Before making a quick bid on a property, make sure it’s something you can market.
List the Pros and Cons
Creating a list of pros and cons and researching what buyers want, prior to making an offer, will allow you some extra time to process the information before jumping in. If you find that the property is still desirable, check out what other homes in the area are selling for to make sure it’s worth it. Putting your emotions to the side will help you in the long run.
Do You Need a Hard Money Loan in Atlanta?
If you’re looking for a hard money loan in Atlanta, we may be able to help you.

Call us at 404-814-1644 or contact us online to find out whether you might qualify for this […]

Popcorn Ceilings? Get Rid of Them!

Popcorn ceilings are — thankfully — a fad of the past.

Unfortunately, they’re still in many older homes, and homebuyers don’t want anything to do with them. If you’re thinking of flipping a house and it has popcorn ceilings, you’ll be happy to know there are quite a few simple tricks to remove them and start fresh.

Depending on the home’s age, you’ll want to do a lead and asbestos check before you make your decision to remove it. If the house was built before 1980, the possibility that asbestos will show up in testing is high, so you’ll have to call in the experts.
DIY Popcorn Ceiling Removal
If calling a professional is out of your budget, you can always go the do-it-yourself route. Going in knowing that it’s going to be difficult and extremely messy is the first step.

Now it’s time to get down to business.

Cover the floors and rooms with plastic sheeting, so the you can clean the mess easily.

One of the most cost effective ways to remove the popcorn is by scraping it. They sell ceiling scrapers just for this purpose, but you can get by with any run-of-the-mill scraper. After you’ve removed the entire bumpy surface, you can give it a fresh coat of paint.

Here’s a great video tutorial: Removing Popcorn Ceilings.
Do You Need a Hard Money Loan in Atlanta?
If you’re looking for a hard money loan in Atlanta, we may be able to help you.

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 […]

Flipping a “Hoarder” House: Is It Worthwhile?

If you recently purchased a home as-is, you may be just finding out that the previous owners were hoarders. If your deal of a lifetime includes trash (or worse) from floor to ceiling, you’re probably wondering what plan of action you should take.
What to Do With a “Hoarder” House
If you’ve assessed the home and think there may be some buried treasure—hey, it’s been known to happen—it may be a good idea to hire a cleaning service that you’ve depended on in the past. Having a contractor you trust (especially if you think there may be valuables) will be an important step in the trash out process. After all the work you’ll be putting in, you don’t want someone sneaking off with the antiques.

After the clean-out, you’ll need to decide where the less-than-valuable items will go. If you’d rather see things be repurposed, you may be able to advertise the leftovers as free. You’d be surprised at the amount of people who are looking to turn your trash into their treasure.
Do You Need a Hard Money Loan in Atlanta?
If you’re looking for a hard money loan in Atlanta, we may be able to help you.

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.

Read our frequently asked questions and take a few minutes to learn about the hard money loan process.

 

 

 

 

 

 

What is Due Diligence in a Real Estate Transaction?

If you’re interested in purchasing commercial real estate, make sure there is a due diligence period included in the contract. Not only that, but you must take advantage of this period to the fullest; you don’t want time to slip away from you.
What is Due Diligence in a Real Estate Transaction?
Due diligence is the period of time a buyer has to investigate the condition of the property and all the paperwork that comes with it. A seller is required to disclose any issues that may be of interest, however, they are not always known at the time, or they are kept hidden.
What You Should Look for While Doing Your Due Diligence
When entering the due diligence phase, you’ll want to inspect as much as you can, so you aren’t hit with surprises later on down the road. Areas of due diligence may vary depending on the circumstances of the purchase, but here’s a few things you’ll want to focus on.

Carefully review insurance policies, and taxes for defaults or defects.
Audit all financial records and expenses such as service contracts to see what you’re buying into.
Inspect the condition of the interior/exterior of the building and note areas needing repair.
If there are existing tenants, check their credit and payment history to see if they are a risk.

Buyers are responsible for the costs of inspections, so take full advantage of the time you have. You’ll also want to be sure you have the right to terminate declared in your contract; in case you find this isn’t the best property for you.
Do You Need a Hard Money Loan in Atlanta?
If you’re looking for a hard money loan in Atlanta, we may be able to help you.

Call […]

Advantages of Hard Money Loans

 

Hard money lending may be the perfect choice for you if you’re having a tough time securing traditional financing.
Advantages of Hard Money Loans
A hard money lender can increase opportunities for those who can’t receive traditional loans. If you’ve been denied a conventional loan based on credit or other issues, you may be able to work with a hard money lender to get the money you need.

Traditional banks are pretty set in their ways in terms of who they’ll lend money to and for what purpose. Hard money lenders can look into almost any type of project from flipping a single home to acquiring commercial properties.

The loan approval process for conventional lenders is lengthy. A hard money lender may be able to get your project funded in ten days or less. You shouldn’t have to worry about losing a deal because you’re waiting for approval.

Hard money lenders don’t require as much information to get you approved. We don’t rely solely on your credit score, and we’re more interested in the investment you’ll have in the property you are looking to fund.

Choosing a hard money lender could result in more flexible terms. Since they’re not under the same regulations as bank; you may find that the terms of your loan can be customized.
Need a Hard Money Lender in Atlanta?
If you’re looking for a hard money loan in Atlanta, we may be able to help you.

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 Hidden Costs of Flipping a House

If you’re like most people flipping a home, you’re probably seeing dollar signs. You’ve most likely purchased a house at a great price and are thinking of the after repair value. With quick turnaround times on flipped homes, it’s easy to forget about a few things.
The Hidden Costs of Flipping a House in Atlanta
While the costs of repairs are usually at the forefront of your expenditures, you’ll want to be sure that all the hidden costs you may incur are calculated before estimating a profit.
Commissions
Most real estate investors plan to fix and flip more than one house in their career, so it would be a good idea to form an alliance with a Realtor®. A realtor can help you sell your flips quickly—allowing you to move on to the next one. Of course—they will charge you for it—so don’t forget to calculate realtor commissions into your expenses.

Property Insurance and Taxes
As a borrower, you’re required to insure your property. You’ll have to provide proof that you carry insurance on the property prior to closing on the loan. Even if you think the home is in a state of disrepair at the moment—anything can happen.
Do You Need a Hard Money Loan in Atlanta?
If you’re looking for a hard money loan in Atlanta, we may be able to help you.

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.

Read our frequently asked questions and […]

Amazing Master Bath Upgrades REIs Can’t Afford to Ignore

When it comes time to renovate your investment property, you may be wondering where to start. No matter how much remodeling your flip requires, one of the main areas homebuyers will focus on is the master bathroom.

If you’re flipping a home, you’re probably looking for ways to save the most money. Make sure your budget allows for upgrades in the master bathroom—this is not an area you want to skimp on. Your best bet would be to save money in other areas of the home, and make the master bath one of the key focal points.
Amazing Master Bath Upgrades REIs Can’t Afford to Ignore
The master bath can make or break the sale of your home. Here are a few things homebuyers are looking for.
Dual Vanity
If space allows, install a double vanity. Buyers will visualize their hectic morning routines and cluttered countertops if only offered one sink.
Soaking Tubs
In an age where vacations are few and far between, offering an oasis type feel will certainly attract offers on your home. Homebuyers are looking to soak away their daily stresses, so you’ll need more than just a stand-up shower.
Upgraded Fixtures
Replacing your faucets and hardware with high quality plumbing and fixtures will increase the value of your home. If you cut costs in this area, you’ll leave the impression that the rest of the house is poorly crafted.
Do You Need a Hard Money Loan in Atlanta?
If you’re looking for a hard money loan in Atlanta, we may be able to help you.

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 […]