If you are in the market for a privately funded real estate loan, you have a couple different options. One is to have a private investor fund your loan. This can be someone you know or may even be a stranger who sees a good investment opportunity. While this method does have some benefits like fast approval and almost no paperwork, it can also be very, very risky. Without a solid contract you leave yourself open to losing everything. Your investor is also at risk, especially if you are both new to real estate investing or inexperienced with lending.
A much less risky private funding source is through hard money lenders Texas. Hard money lenders are a group of investors that is headed by a licensed mortgage broker. They give you a private loan with less paperwork, but they have experience and know all of the rules and regulations surrounding hard money loans Texas. In addition, you can be sure that your loan is legal and both parties are protected because the loan is sourced through a broker with experience.
Hard money lenders Texas provide many of the same benefits as a private lender but with less risk. Here are just a few of the benefits of getting hard money loans Texas from a hard money lender.
- Fast approval and funding. Usually you have your money in just a couple of weeks!
- Less paperwork. You won’t spend countless hours filling out paperwork and providing income verification. Hard money lenders help streamline the process and save you time!
- Asset based loan. Your Texas hard money lenders base your hard money loans Texas on the property that you want to invest in, not your credit score. Good news if your FICO report isn’t perfect!
- Short term loans. Hard money loans Texas are best used for investments so the terms are short. This saves you money on interest and makes everyone happy.
- Renegotiable terms. Hard money lenders Texas can renegotiate the terms of your loan if you need more time to complete your project.
Arizona Tel: (623) 582-4444
Texas Tel: (512) 516-1177
NMLS 1057378 | AZMB 0923961 | MLO 1057378
23335 N 18th Drive Suite 120
Phoenix AZ 85027
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.