Texas hard money lenders are in the business of helping investors make money with specialized, asset based loans. If you are a real estate investor, hard money loans can be your best friend for both residential and commercial real estate investments.
A hard money loan is an asset based loan, secured by real property, the investment property you are purchasing. They are short term loans and are given by an investment company or private mortgage firm.
When you get a hard money loans through Texas hard money lenders, there are a few things you need to be aware of. Firstly, the loan process will be quick and have less paperwork than a bank loan. You can usually get your money in about two weeks, sometimes less depending on the lender. Secondly, the Loan to Value or LTV ratio will differ by lender as will interest rates so make sure you shop around to choose the best Texas hard money lender. Finally, you will be charged a higher interest rate on this short term loan because it is riskier for the lender. If you can sell the property quickly enough this won’t matter and both you and your Texas hard money lender can make quite a bit of money.
Hard money loans are most commonly used for residential investment properties like fix and flips or rentals when fast cash is needed before being able to refinance to a lower interest rate. However, you can also use loans financed through Texas hard money lenders to purchase commercial real estate. For many investors, this can be just as lucrative as rehabbing a home.
Dennis Dahlberg Broker/RI/CEO/MLO
111 Congress Ave |Austin | Texas | 78701
Dennis has been married to his wonderful wife for 38 years. They have 2 beautiful daughters 4 amazing grandchildren. Dennis has been an Arizona resident for the past 32 years.