In relation to hard money loans, there are quite a lot of rumors and misinformation on the market. Texas hard money lenders are right here to set the report straight and clarify the ins and outs of hard money loans Texas and why they could be best for you!

There’s quite a lot of misinformation circulating about hard money loans Texas. Some individuals have by no means even heard of them whereas others could have heard half truths, and nonetheless extra have heard issues which can be merely unfaithful. Texas hard money lenders are right here to set the report straight by reply the highest three commonest hard money questions.

 
1. What precisely is a hard money loan? Is it hard to get? 

A hard money loan is a selected kind of asset backed financing. You get a hard money loan by coming to Texas hard money lenders with a selected actual property funding plan. The lender listens to you propose and bases the loan choice off of the advantage of the funding. They’re referred to as “hard money” loans since you get hard money, moderately than a suggestion of credit score such as you would from a financial institution. This may be very helpful in a aggressive actual property scenario as a result of money is usually extra engaging to a vendor than financing as a result of it takes much less time. And no, a hard money loan just isn’t hard to get. It ought to truly be referred to as simple money. Hard money loans Texas will not be based mostly in your credit score or particular person monetary place. As a substitute, the loan is predicated on the advantage of your funding.

2. Who can use Texas hard money loans?

Anybody who needs to spend money on Texas actual property can benefit from loans supplied by Texas hard money lenders. These loans are designed to be quick time period loans and are excellent for repair and flips or quick time period funding properties. They will also be a bridge to get you from buy to refinance when you have your eye on a property however want just a few further months to get your funds so as.

3. What are rates of interest like?

Like every loan, the charges on hard money loans fluctuate relying on the prime price in addition to which lender you select and the way a lot you borrow. Usually hard money loans Texas have a better price than conventional loans however keep in mind, they’re designed to be quick time period loans. In the event you pay the loan off shortly the curiosity is virtually negligible.

If hard money loans Texas sound like a very good possibility for you otherwise you wish to know extra, give us a name at Stage four Funding as we speak! We’re more than pleased to reply your entire questions and might be there that will help you each step of the best way!

Dennis Dahlberg

Dealer/RI/CEO/MLO