At 2nd Wind Llc. we are dedicated to equipping our investors with the best information possible in order for them to be successful in real estate. This week we’ve sat down with one of our preferred lending partners: Chris McCarty, from ‘FlippinLoan’ to answer a few common questions about what he does and how utilizing a hard money lender can make a real estate investor successful.
Hi Chris, thank you for taking the time out of your busy schedule to sit down with us and answer a few questions about your experience in the real estate industry!
Before we get into the nitty gritty details about Flippin Loans we would love to hear about how you got started in the real estate business:
“I came back to Louisville in the early 90’s after working in Maryland with the cable business for 15 years. Basically without much of a plan. Became a home
inspector and then built a few houses. I was introduced to Kreia (Kentucky Real Estate Investors Assoc.) That’s where I learned the fundamentals of buy/hold properties and flipping houses. I built a successful business with Real Estate and enjoy teaching others about it. Lending is something I’ve done for many years. Myself and my partner, Margaret Reed decided to scale the Lending business up, so we started Flippinloan.com. Margaret is a Real Estate Broker and has been selling for 27 years.”
Could you explain for the readers who are unfamiliar: What a hard money loan is and how it differs from a traditional home buying loan?
“A hard money loan is simply a short term loan using Real Estate as collateral. Usually, the term is 1 year. The traditional home loan is 15-30 year term.”
What are a few common misconceptions you find people have about what you do?
“I think the biggest misconception is that these loans are for desperate people. These loans are for smart minded business people that realize
it’s a fast and easy way to get funds for a Real Estate project to make a profit.”
What are the qualifications needed to apply for a Flippin Loan?
“In our business it’s all about the deal. If it makes sense we will approve.
Fill out the App. on flippinloan.com. From there we will send you the necessary documents to get you approved quickly. We do require an appraisal.”
Do you have an in-house appraiser to determine after repair LTV?
“We use several appraisers. They do an”as is” and a ARV. (After Repair Value)”
What is the typical pay back structure for a hard money loan? Is there an early payment penalty?
“Flippinloan will loan with payments or without monthly interest payments for a few months. We have a 4 month minimum.”
What would be your advice on how someone can best utilize a Flippin Loan?
“A Flippinloan is best used when you need funds quickly. Not the 30-45 days of a traditional loan.
When you have your cash tied up in other projects or when you just need short term money for a Real Estate flip. You already own a home and need funds for repairs to flip.”
Do you have any other information you would like to tell someone interested in your product?
“We can do a fast turn around within 7-15 days. You dont have all the red tape as banks. We are not
credit driven. Again, its about the deal you bring to us. The process is very easy. www.flippinloan.com“
There you have it, hard money loans are a unique solution and quick solution to real estate related needs. For more FAQ’s about working with Flippinloan be sure to check out www.flippinloan.com or if you are looking for your next great investment property view our available properties here.