Stop Looking for Hard-Money Loans and Contact Us
Private Mortgage Lending
You are either A.) an investor who knows what money lending is and is looking for the absolute highest quality local lender or B.) you have no clue what private money loans are used for and you want to learn more about the process, see below and visit the hard money definition page we created, or you can go to the boring “Wiki” page. Click your State listed below or use the form below to submit your information for the best quote possible.
Here’s the 411 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 page or the form below for a fast quote!
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. 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 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 direct money loans dedicated to foreclosures, residential flips, multi rental properties, and commercial properties. 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 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 say.
So, take your time and carefully check out different 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.