Need a Lender in Dallas?
Property Criteria and Loan Details
Our Loans Are Based on the after-repaired value (ARV) of the property and include both purchase and renovation funds.
- Up to 70% of the After Repaired Value or 90% of Cost (purchase price + renovation budget combined), the lesser of the two
- 6 months terms
- 3 months extension (optional)
- No prepayment penalty*
- 12% interest only payments (ACH required)
- 3+ points (this can be adjusted at our Lender’s discretion)
- Appraisal fee: Typically $400 (we charge the actual cost of an independent appraiser’s fee)
- Processing fee: $950
- Credit report fee: $30
- Flood certification fee: $15
- 620 minimum credit score
- Minimum of 6 months liquid reserves – Checking/Saving/Money/Market/CD, etc
- No recent foreclosure and/or bankruptcy activity
This is a brief overview of the lenders we work with. Give us a call or submit your information below for not only the best local company, but also the investor gurus in Texas! Our contact number is (972) 362-1650.
Here’s the 411 on private lending 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 the form above 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 for private lenders in Dallas. Asking a real estate firm will allow you to also check the reputation and standing of individual private money lenders. If you really would like to spend your valuable time researching, we respect that, but if you would like our expertise in the field, give us a call on our Dallas number @ (972) 362-1650. Otherwise, keep reading on what to do next.
First off, begin your examination by determining whether the state properly licenses the hard money lender Dallas. 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 hard money 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.
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 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 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 into the form above. Thanks for using We Buy Any House Dallas as your go to place for private lending.