WHAT CLIENTS ASK THE MOST
Your Questions Answered
WHY SHOULD I USE A HARD MONEY LOAN?
The most compelling reason to use a hard money loan is its speed. If you are getting an excellent deal that needs to close quickly, a hard money loan could be the perfect solution. Investors who have a number of outstanding loans are also served well by hard money loans. If you’ve reached your lender’s 4-loan or 10-loan limit, we can help you continue to leverage your real estate investments.
WHAT TYPE OF PROPERTIES MEET OUR LENDING CRITERA?
We loan on single family and multi-family residential properties that are used for investment purposes. We do not lend to owner occupied or homestead properties. Therefore you cannot live in the property that we finance. Investment properties, rentals, and properties to be rehabbed to sell (flip) meet our criteria.
HOW LONG DOES THE PROCESS TAKE?
Typical lenders need to pour through income statements and credit reports, but as a Texas hard money lender, we can typically approve your loan within 24 hours of receiving your application. We underwrite our loans in-house, cutting time and cost. Our team of lenders can usually fund your loan within 7 days of approval due to our direct access to capital. Our application process for Texas hard money lending is streamlined and automated, allowing for quick decision-making.
ARE THERE ANY FEES PAID UP FRONT?
Depending on the loan characteristics, the interest rate will range between 8.99% and 13.99%. Origination fees range from 1.5% to 5%. Origination fees are paid at closing. Typically, the only fee collected up front is the appraisal fee paid directly to the appraisal company.
WHAT ARE YOUR CREDIT REQUIREMENTS?
We offer many different products, but we do not have a minimum FICO score for hard money loans for single family flips. That said, we do require proven ability to pay debts. We consider many factors including experience, credit, assets, and a few other factors, but we are reasonable and flexible.
DO YOU REQUIRE A SURVEY?
Yes. Existing surveys are often acceptable. Title companies require surveys in order to provide title insurance to lenders for possible encumbrances on title due to encroachments, boundary issues, easements, etc. Surveys also provide confirmation that the physical address and legal description represent the same property. Surveys protect both the borrower and lender.