List of Texas’s Cities Lenders
Please find your Texas city listed below to find the best possible Hard Money Lender. If your city isn’t yet listed, you still may apply for a quote.
Here’s the 411 on hard money from the two Dallas natives Jim & Tucker here at We Buy Any House Dallas. Hope this knowledge can better prepare you
with the lender we will connect you with. If you want to skip all the fine print or want to have us call you, call us @ (972) 362-1650 or submit your information into your
perspective City’s Hard Money page for a fast quote!
There are lots of loans available for property investors. Direct Money loans are one type of loan which are commonly used by
investors. These types of loans permit the financiers to purchase and fix investment real-estate. If utilized rightly it can put money in the pocket right away entirely. But you have to be careful as there are some drawbacks you will require to evade so as to be doing well. You’ve decided to get a non-traditional loan. A hard money loan seems to be your best option at this time.
Loans are tools for investors, business owners, property owners, would-be property owners and others for whom conventional loans are unattractive or unavailable. Originally, the term was used to describe any loan that was secured by property or other collateral, as opposed to unsecured borrowings, such as cash advances from a credit card or bank line of credit. There are numerous private money lenders out there, just waiting to lend you their money. But if you are a new real estate investor, it is advisable to be extremely cautious and choose the right kind of lender who can adequately meet your needs.
So where should you begin? Well, you can ask a mortgage company, title company or real estate agency for referrals of lenders offering real estate investment loans in the Dallas market. Or just run a Google search online for hard money lenders in Dallas. Asking a real estate firm will allow you to also check the reputation and standing of individual private money lenders.
First off, begin your examination by determining whether the state properly licenses the hard money lender. Consider the experience of the lenders as well. How many loans do they fund a month, and what is the financial range of the loans. Ask the percentage of loans dedicated to foreclosures, residential flips, multi rental properties, and commercial properties. This will give you a good idea if the properties you are looking at in the Dallas market can be funded by the hard money lender. Ask for references on their loan preparation staff. If they offer a variety of loans, they may not be as specialized in real estate investment loans in the Dallas area as you would like. Hard money loans require proper structure and numerous regulations.
Comparing the rates and fees is important. Private money lenders are not governed by banking or federal interest regulations. They can charge varying rates of interest and even origination and closing fees may fluctuate from lender to lender. This is due to those extra services they include in building a partnership with you. Cheaper is not always better. Read over their contracts for the type of properties you are interested in very thoroughly so you are not hit by surprise charges.
The loan-to-value ratios are equally important. Most hard money lenders tend to loan up to 70% of the after repair value of the house. You are apparently looking for the highest loan-to-value to maximize your leverage as much as possible.
It is imperative to judge the speed, flexibility and consistency of the hard money lender as well. When it comes to foreclosures and distressed properties, it is imperative that you have a firm that can provide the funding in record time so you do not lose out on a potentially lucrative investment property. Their ability to fund quickly will depend on how fast the hard money lender will have the money available. Moreover, the lender should not just be prompt and committed in its dealings, but also maintain transparency in its terms, dealings and discussions.
Finally, check if the private money lender properly assesses your personal qualifications before approving the hard money loan. This bodes well as it signals that the lender is more interested in your success as an investor and not just the property being acquired per se.
So, take your time and carefully check out different hard money lenders before making an educated decision about the one that best fits your individual needs! Only then can you go on to develop a profitable relationship that continues over many more property deals to come. BUT THANKFULLY, we took all the leg work out of it for you. You can either call us @ 972-362-1650 or submit your information on your perspective city’s hard money page. Thanks for using We Buy Any House Dallas as your go to place for private lending.