below are the basics:
REVIEW: Discussion with borrower about property, "story" of the deal-property, rehab costs and ARV (After repaired value). The asset -property and borrowers experience are discussed and reviewed and a gameplan is established.
Texas hard money/private loans for investors are funded with our own capital and We have personally invested many of our loans and investments as well. We are fast.
No Credit Minimum
up to 80% LTV and 70% ARV
35k - 1,000,000 (for 1-4 unit investments)
Loans for repair are rehab - (funded in Draws)
Cashouts for investors who have paid cash - money for property improvements
cross collateral of other properties is ok
Texas (1st and 2ndary markets) -DFW,Austin,San Antonio and Central TX, South TX, Lubbock & Amarillo,El Paso, Corpus Christi
Terms : 6 - 12 months (for rehab - hard money)
Terms 10 -30 years for "soft money" loans
rates from 11%-13.9 (pending size and borrower experience)
Fees - 2-4 points (pending size and term of loan)
Closing Time : typically within 7-14 days
NEW- 7-9% hard money - borrower must show 10+ owned/flipped properties
HARD MONEY LOAN TYPES AND QUICK FACTS :
Major Metro areas and suburbs in Texas
Austin &San Antonio metro and suburbs, Houston metro and Dallas / DFW and are the focus for our hard money loans.
1- 4 unit residential rehabs (loan minimum 25K-no limit)
Up to 70% LTV ....