Hard Money Loans

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    House Flipping: Most Preferred Exit Strategy For Hard Money Loans

House Flipping: Most Preferred Exit Strategy For Hard Money Loans

A few common exit strategies for hard money loans. By exit strategy, we mean, the way you intend to pay off the hard money loan. You absolutely must have at least one exit strategy, and having a back-up strategy is even better. So, what is our clients’ favorite exit strategy? The most preferred means to pay off a hard money loan is to sell the property for a nice profit and use that income to pay off the hard money loan.

See, hard money loans are the perfect short-term solution for people who need money fast to take advantage of a real estate opportunity. This exit strategy is used by investors who buy distressed property, fix them up and resell them. This strategy works well, but involves planning. You’ll need to know how much improvements will cost and also how long the will take.

For more information about the hard money lending loan process, check out our website!
Are You Looking for a Hard Money Loan to Flip a House Or Buy A Rental Property?
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, or the North and South Carolina metropolitan areas. Our application process for hard money loans is easy. Just fill out this very simple online form and you will be contacted shortly. Unlike other lenders, the window between applying and funding is very small. We have funded properties in as a little as one day, but typically funding hard money loans takes about seven to ten days.

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 […]

When To Walk Away From A Potential Real Estate Investment

Successful real estate investors know when to walk away from a potential real estate investment. They know how to spot the signs of a bad investment. Every deal isn’t going to be worth the time, money and effort. So, here are some tips to know when to walk away from a potential real estate investment!

Make sure your income potential is immediate. Don’t invest for some “huge payout” at some indefinite date in the future.
Lack of income documentation on a rental property. If a seller is selling an existing rental property, make sure you see proof of rental rates, vacancies and property profits.
The property is in a bad neighborhood. Keep your eye on properties where the neighborhood values are expected to increase. A good property in a bad neighborhood is not a good investment.
The property is outside of the country. If you’re still looking for tips on investment properties, you likely don’t have enough experience to do well investing in international real estate.
Large upfront cash requirements. Know your budget. A killer deal means nothing if you don’t have a means to renovate the property so that you’ll see a return on your investment.

Are You Looking for a Hard Money Loan to Flip a House Or Buy A Rental Property?
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, or the North and South Carolina metropolitan areas. Our application process for hard money loans is easy. Just fill out this very simple online form and you will be contacted shortly. Unlike other lenders, the window between applying and funding is very small. We have funded properties in as a little as one day, […]

Hard Money Loan Property Requirements

Interested in learning more about the hard money loan property requirements? You’ve come to the right web page. As a legitimate hard money lender, we have specific hard money loan property requirements. Keep in mind, we are a direct hard money lender. We are not a brokerage service. So, we know exactly what we’re talking about in the specifics of these residential guidelines.
Hard Money Loan Property Requirements
If you’re interested in a hard money loan to flip a house or for another residential investment purpose, the following are our hard money loan property requirements.

First mortgage lien only
Loans up to 65% of ARV
Loans from $20,000 to $3,000,000
Multifamily properties up to four units
Borrower-paid appraisal of ARV
Mortgagee title policy required at closing
Builder’s risk policy naming Paces Funding mortgagee as an additional loss payee at closing
A Paces Funding selected closing attorney

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, or the North and South Carolina metropolitan areas. Our application process for hard money loans is easy. Just fill out this very simple online form and you will be contacted shortly. Unlike other lenders, the window between applying and funding is very small. We have funded properties in as a little as one day, but typically funding hard money loans takes about seven to ten days.

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 […]

Real House Flipping Is Not Like The Reality TV Shows

If you’re a professional house flipper, you might get frustrated by the reality TV shows. We all know that real house flipping is nothing like how it’s depicted in the reality TV shows. For example, no handy investor  picks from a pool of three fixer-upper homes. A great deal of thought is put into investing. Dozens, sometimes hundreds of houses are considered before choosing a home to flip.

Market conditions and local dynamics are taken into consideration. Investors even take into consideration local ordinances, difficulty of permit processes compared to other areas, and the velocity of listed homes. Realistically, investors consider on average at least 75 homes before purchasing one to fix up and resell or fix up and rent.

Unfortunately, the general public thinks property investors breeze through the process making mounds of cash, just because they have funding. Realistically, it takes skill, smarts and determination to make a fortune flipping houses. We know, because we work with intelligent, dedicated craftsmen every day. We understand the industry and the need for expediency of funding. We take your job seriously, and look forward to working with you.

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, or the North and South Carolina metropolitan areas. Our application process for hard money loans is easy. Just fill out this very simple online form and you will be contacted shortly. Unlike other lenders, the window between applying and funding is very small. We have funded properties in as a little as one day, but typically funding hard money loans takes about seven to ten days.

Call us at 404-814-1644 or contact us online to find out […]

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    Atlanta: One Of Top 10 Metros With People Willing To Be ‘Super Commuters”

Atlanta: One Of Top 10 Metros With People Willing To Be ‘Super Commuters”

If you’re a property investor, you should know, people are willing to be “super commuters” just to work in Atlanta. People seek cheaper housing away from the inner city, and are willing to drive for over 90-minutes just to work in the city. The trend is similar all across the nation, but Atlanta has an increasingly high number of super-commuters. That means that if you can snag a home outside of Atlanta, it might still be a good investment.

A whopping 4 percent of Atlanta’s working population commutes great distances to work. The city ranks ninth on the list of top ten metros in the entire nation for the highest concentration of super commuters. It has a robust economy and plenty of great jobs. The trend is only expected to increase with population growth. Households are priced out of the inner suburbs and far out of the inner city for many Georgians. So, while looking for areas to create rental properties or flip houses, take a look outside of the city, past the inner suburbs. You’ll likely find a gem in the rough worth investing in.
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, or the North and South Carolina metropolitan areas. Our application process for hard money loans is easy. Just fill out this very simple online form and you will be contacted shortly. Unlike other lenders, the window between applying and funding is very small. We have funded properties in as a little as one day, but typically funding hard money loans takes about seven to ten days.

Call us at 404-814-1644 or contact us online to find out […]

Things To Look Out For When Shopping For Hard Money Lenders

If you’re shopping for a Hard Money lender, here are some things to look out for. You want a real hard money lender, like Paces Funding. You don’t want a broker or a scam, right? So, take our advice and avoid a bunch of hassles. If you’re purchasing property in Atlanta, Nashville, Florida or the North and South Carolina metropolitan areas, just stick with Paces Funding. But if you’re outside our service area, use these tips to avoid fake hard money lenders.

Watch out for online directories. These aren’t actually hard money lenders. They’re usually just websites that will sell your information to brokers. Be careful of lenders who use non-corporate emails like Gmail or AOL. Make sure your potential hard money lender is a real person by checking for a working number, a valid address, and a functional website. If they ask you to fill out a logo that doesn’t provide traditional corporate information on it, be careful. Likewise, if they ask you to fill out multiple applications that are very similar, something might be fishy.

If a supposed hard money lender needs excessive time to respond back to you, they probably aren’t legitimate. Real hard money lenders know that a quick turn around time from application until financing is crucial. You might be working with a scam artist or just a broker who is trying to set you up with a genuine lender, with the intent to take a cut themselves. You don’t need scam artists or middle men. Legitimate hard money lenders exists and are perfect for many investment real estate financing situations.
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 […]

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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 […]

What You Need To Know About Note Purchases

Smart investors often make an extreme profit by investing in promissory notes. See, a note purchase means the purchaser is buying a lender’s promissory note instead of the actual property. The foreclosure process can be expensive in time and money for financial institutions. When a loan under-performs, these institutions are often willing to sell them at a discount. Note purchases are a risky business though. Legal counsel is strongly advised for all note purchases.

Again, when an investor purchases a promissory note, the buyer buys a lien right from a lender. This means, the buyer can’t actually possess the property. Consequently, the buyer often can’t have the property inspected. The property is generally occupied by the original borrower.

Now, this is important: If the borrower can’t repay the loan, the buyer will then have to go through the lengthy foreclosure process that the first financial institution was trying to avoid.

Now, here’s the deal. These can work, especially if the buyer is able to reduce the borrower’s monthly payment. The buyer will also have to make a profit, of course. So, a low-priced note means all the difference.

Investors purchasing a promissory note can view a foreclosure like a landlord views a tenant eviction. Well, except that a foreclosure is far more expensive and time consuming. Foreclosures usually require lawyer and trustee fees upfront.  The potential for having to foreclose on a borrower is the main reason so many investors shy away from note purchases.

Thankfully, there are many ways to invest in real estate.

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.
Are You Looking for […]

Great Investment or Money Pit? Watch for These Two Problems

 

Currently the housing market offers great buys for investors. However, sometimes a house is not as it appears. Naturally, you want houses that are in good condition, or need a small amount of work, to be able to make a fast turnaround. Unfortunately, many times something is not discovered until after the purchase is completed.

A foundation is the basis of any house and must be in excellent condition if you expect to avoid spending a great deal of money having it replaced or repaired. When looking at the house check the foundation for cracks, crumbling cement or other conditions that will indicate a problem.

Mold in the crawl space or other locations in the house will indicate a leaking water pipe. Molds gradually destroy the things they grow on. They can damage building materials, especially under the floor. In addition, studies have shown it can cause the occupants health problems.

Having a licensed home inspector is a good investment to avoid expenses that can often cause a home purchase to become a money pit.
Do You Need a Hard Money Loan to Buy an Investment Property 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.

Foreclosures in Atlanta

Because Atlanta foreclosures are higher than usual – they’ve been on an upswing since January – that means there’s more opportunity for you, as an investor, to take out a hard money loan and pick up a property that you can flip. The selection is better, and you’ll likely spend less money than you would when properties are few and far between.

Is Foreclosure Investing Right for You?

Investing in foreclosures isn’t for everyone. In fact, many experts recommend that you gain some experience in traditional real estate investing before you dive in headfirst.

Here’s what you need to know:

There are three ways to buying foreclosures: from a property owner before it’s foreclosed (known as a pre-foreclosure), at an auction, or from a lender after the property has been repossessed.
Buying a property that’s owned by the lender may pose less risk to you than buying a foreclosure in the other stages.
You always need to check the title before you buy any foreclosed property; if you don’t, you could be taking an unnecessary risk with your money.

Need a Hard Money Loan to Invest in Atlanta Foreclosures?

Getting a hard money loan in Atlanta may be easier than you think. If you’re ready to invest in a foreclosure and you already know what it entails, give us a call at 404-814-1644 or fill out our easy hard money loan application. We may be able to get you the funding you need to make the investment of a lifetime.

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