Hard money lenders Houston Texas
Are you looking to buy real estate in the Houston area, but don’t have enough cash saved up? If so, you might want to consider getting a hard money loan from a hard money lender Houston TX has to offer. A hard money loan can help you get the cash you need to make it happen, even if you don’t have great credit or other traditional funding options are off the table. Here are some of the top hard money lenders Houston TX has available today!
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| Hard money lenders houston texas |
Topic Cover in this Article
- Residential Hard Money lenders
- Commercial Hard Money lenders
- Fix and Flip Hard Money lenders
- Acquisition Cash Out Loan
- Bridge Loan Solutions
- Short Term Payday lenders For Real Estate Investors
- How to Get Pre-Approved for a Hard Money Loan?
- How Do I Qualify For A Hard Money Loan?
- What Interest Rates Do Texas Hard Money Lenders Charge?
- Where Can I Find A Great Hard Money Loan If I Need One?
1) Residential Hard Money lenders
If you’re looking for hard money lenders in Houston, be sure to talk to a local expert first. In recent years, hard money lending has exploded into an industry of its own and is now poised to grow even further. But knowing who to trust is key when choosing a lender and can save you from financial mishaps down the road. At EWP Financial, our goal is to provide Texans with dependable lenders backed by trusted advisors who know how to do business right. Whether you need residential or commercial financing, we have what it takes to get results and get them fast! Visit us today or call at (832) 692-8492 for more information!
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| Residential Hard money lenders |
2) Commercial Hard Money lenders
Hard money lenders are becoming more and more common in commercial real estate markets. It's important to note that hard money lenders are different from traditional bank lenders, and they're far riskier for both parties involved. A hard money loan is a private loan, rather than a government loan or bank loan. They're usually short-term lenders with high interest rates that can fluctuate over time. The benefit of hard money lenders is their speed: you can close on them within as little as one week! If you need quick cash to get your business off of the ground or purchase an existing one, then it might be worth taking out a hard money loan—but proceed with caution!
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| Commercial Hard money lenders |
3) Fix and Flip Hard Money lenders
As you might have guessed, a fix and flip loan is an investment that helps fund rehab projects. These lenders are often quite large (upwards of $1 million) and come with an aggressive repayment schedule, typically within one to three years. Additionally, these lenders can only be used for purchase or substantial rehab of income-producing properties such as multi-family homes, commercial buildings and single family homes. And while they may sound like risky propositions due to their higher return than other types of investments, hard money lenders require 20%-50% down payments and are generally more conservative with their underwriting criteria. Hard money lenders aren’t interested in your credit score or net worth – what matters most is your ability to close deals and cover expenses once you acquire properties.
4) Acquisition Cash Out Loan
When looking to acquire a business, you might have concerns about using your own assets as collateral. This is where an acquisition cash out loan comes in. These lenders allow you to use your assets—such as real estate or stock portfolios—as collateral for a short-term loan that can be used for financing acquisitions and asset purchases of companies. It's a great way to get access to some much-needed funds without having to drain your other assets, such as cash reserves and emergency funds. The terms will depend on what kind of properties you're able to offer up as collateral, but in general, acquisition cash out lenders are relatively easy and quick processes.
5) Bridge Loan Solutions
A bridge loan is a short-term loan—sometimes lasting only 30 days—to help you finance your business until you secure longer-term funding. The funds come with high interest rates and are usually granted by private individuals, investors, and even companies instead of banks. Here are our top picks for hard money lenders in Houston that can get you a low-interest bridge loan while you continue to work on your long-term financing goals.
6) Short Term Payday lenders For Real Estate Investors
Investors often do not have enough cash to finance a real estate investment project. Some investors take out a conventional loan and then refinance with an investor loan at closing, while others may be able to qualify for a hard money or bridge loan. Even if you don’t have enough assets or income to qualify for a standard mortgage, there are other options available in Texas. Many real estate investors turn to payday lenders as an alternative source of funding when they need a short-term solution for their cash flow problems. Payday lending is a small-dollar revolving line of credit that lets borrowers access small lenders quickly and easily, typically by way of direct deposit from their employer or government benefit provider.
7) How to Get Pre-Approved for a Hard Money Loan?
Getting Pre-Approved for a Hard Money Loan? Getting pre-approved for a hard money loan is straightforward, and it can speed up your approval process. The most important thing you need to know about getting pre-approved for a hard money loan is that, even though you’re not borrowing anything yet, your lender will still run your credit (not just once but twice) to see if you qualify for a high enough loan amount.
8) How Do I Qualify For A Hard Money Loan?
Hard money lending is not easy to qualify for because most hard money lenders need a personal guarantee, or loan collateral. For instance, if you are looking to buy property, you need to make sure that your loan will be backed by collateral (the property itself) and that there is little risk of default. Some people say it’s easier to get approved for a hard money loan than a mortgage, but I’d disagree with that assumption — especially for first-time buyers.
9) What Interest Rates Do Texas Hard Money Lenders Charge?
The interest rates that hard money lenders charge vary widely, depending on how you structure your deal and how long you need financing for. The following are some details that can impact your rate: Amount Financed: Hard money lenders are typically more expensive when financing more property. They can be anywhere from 1% to 7% higher per $100,000 financed than with a smaller amount financed. Time of Use: Some Texas hard money lenders may also offer different interest rates depending on whether they're providing funding for short-term or long-term use.
10) Where Can I Find A Great Hard Money Loan If I Need One?
For people that don’t have access to other sources of funding, hard money lending is a great option. They can help fill a need for cash that has been left open due to outdated government regulations and bank policies. If you’re trying to get started with a new venture but are having trouble getting funding from traditional lenders, then turning to hard money lending may be your best bet. It can get you what you need when you need it most, with minimal hassle or red tape. If you’re interested in applying for one of these lenders, then it pays to know as much as possible about them before jumping in headfirst.