(No all lenders understand what private money lenders in Texas do and how their services can be beneficial. But with a basic understanding of the benefits, it is clear why some borrowers choose a private lender.)
The hard cold truth is that not all borrowers can qualify for a traditional loan after the housing bubble burst, creating havoc for many homeowners. But those with poor credit, a foreclosure or bankruptcy in their credit history do have an alternative when they need to borrow money. Private lenders do not base their approval of a loan request on creditworthiness, as traditional lenders do. A private lender is more interested in the value of the collateral that is going to be used for the loan. This asset-based lending works in the favor of anyone with credit issues.
Another benefit of private money lenders in Texas is the speed at which they can evaluate, approve and fund a request. Traditional loans can take weeks or even months to process which can mean that someone else gets the house that you wanted. This issue of time is also very important to real estate investors who need to move very quickly when they find a good deal. Many private lenders will provide loans on a regular basis to investors who know that fast is the key to a successful loan and investment purchase.
All borrowers who use private lenders benefit from the more streamlined process of od applying for and processing these loans. There is far less paperwork required on the part of the borrower so applying is far less stressful. And with less information, the lender can evaluate the request more quickly and provide an answer and many time funding in just days rather than weeks or months.
Working With a Person
When you apply for a loan at a bank, you have a point of contact but that person has little or nothing to do with the approval of your loan. But when you are working with private money lenders in Texas you actually meet and talk to the person who will make the decision in most cases. This can be helpful when you are learning the process, or when you would like to customize the terms of your loan. Things like the loan term, the payment schedule and even some of the fees are up to the discretion of the lender that you are working with.
Private money lenders in Texas are simply another option for borrowing money when a traditional bank or mortgage company does not meet your needs. They are in business to make money by lending money just as banks and mortgage companies do but in a more personal manner. The loans can be customized to terms that are more satisfactory to you as the borrower and to the lender. The cost of this personal service is a little bit higher interest rate, but many borrowers feel that this higher cost is well worth it for personalized service and favorable loan terms.
Level 4 Funding LLC
Hard Money Lender
Hard Money Loans
Hard Money Loan
Arizona Tel: (623) 582-4444
Texas Tel: (512) 516-1177
Dennis Dahlberg Broker/RI/CEO
NMLS 1057378 | AZMB 0923961 | MLO 1057378
22601 N 19th Ave Suite 112 | Phoenix | AZ | 85027
111 Congress Ave | Austin | Texas | 78701
About the Author: Dennis has been working in the real estate industry in some capacity for the last 40 years. He purchased his first property when he was just 18 years old. He quickly learned about the amazing investment opportunities provided by trust deed investing and hard money loans. His desire to help others make money in real estate investing led him to specialize in alternative funding for real estate investors who may have trouble getting a traditional bank loan. Dennis is passionate about alternative funding sources and sharing his knowledge with others to help make their dreams come true. Dennis has been married to his wonderful wife for 43 years. They have 2 beautiful daughters 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.