Find Out What Matters (and What Doesn’t) in Texas Hard Money LoansSeptember 15, 2015
Honest Answers to Your Top 5 Texas Hard Money QuestionsSeptember 15, 2015
Texas hard money lenders go where banks won’t
There are few things more disheartening than financial troubles. Worst case scenario is when you find yourself in a hole you know you can’t get out of. You may have had a difficult financial past, but that doesn’t necessarily predict your financial future. If you need a quick loan for a home or project and your bank or other money lending companies will not approve you, you can almost always count on an Texas hard money lender.
Texas hard money lenders take a significant risk in loaning their money out to borrowers. Not only do they loan the money to a complete stranger, they do not base the loan on your credit, income, employment history, or ability to pay. Hard money loans are strictly equity-based and they use the home you are purchasing as collateral in order to ensure repayment. Texas hard money lenders will loan to YOU, and they can get you your money in a matter of 24 hours.
Like stated previously, Texas hard money lenders
will go where banks wouldn’t even consider. Obviously, they are you, the borrower’s, side. They want to help you out and will be willing to do so if they can see that your investment or project would be profitable in some home. Most Texas hard money lenders
loan money for buying a foreclosed or short sale home, fix-and-flip projects, and other types of property or real estate investments. Needless to say, you can’t exactly go buy a new ferrari with hard money, but you can certainly put the money toward the home of your dreams.
Most hard money loans have a little higher interest rates than traditional loans. This is because, as mentioned before, Texas hard money lenders are taking a bit bigger risk by loaning to you without first checking your credit or other components of your financial history. However, these loans are typically shorter than other loans (around 3-36 months) so that higher interest rate does not add up quite as quickly. Remember that Arizona hard money lenders will often approve you for a loan of up to 80% of the property’s value (though this number is usually closer to 60%) in as little as 24 hours.
NMLS 1057378 | AZMB 0923961 | MLO 1057378
23335 N 18th Drive Suite 120
Phoenix AZ 85027