THE APPROVAL PROCESS
People turn to a private lender for multiple reasons. A hard money lender can fund and process a loan much quicker than a traditional company. There are far less requirements than what you see with a bank or online mortgage company. With this type of financing you’ll often submit less paperwork and have limited underwriting requirements. Secondly, a private lender won’t scrutinize your past credit history. Most short term lenders will base your approval on overall property value and future income.
Contact us for a no-obligation consultation
We can get you the cash you need in the quickest amount of time possible. Our specialty is private money financing and we know what’s required in to get a hard money loan in Texas. That means, we will get your application processed in no time. Our friendly customer service agents will answer all your questions and gladly break down the different lending programs. Whether it’s financing for a residential property, commercial loans, or real estate investment, we can get you though the approval process! Don’t contact traditional lenders if you need your project funded quickly. Call us today and speak with our private money lending team for a quick consultation. We’ll let you know in minutes whether or not we can fund your private money loan.
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You have a lot to consider when it comes to finding the best lender for your situation. Don’t get overwhelmed and make a rash decision. Don’t simply agree to a private loan contract that another real estate investor says worked well for them. Be methodical when determining your loan amount and repayment schedules. The first step in your process is to make sure you even need a private money lender in the first place. We’ve touched on this exact topic many times throughout our site. You will pay less in fees and interest if you go with a traditional mortgage company that provides conventional loans in Texas. The issue here is that sometimes you may not qualify because of a bad credit score or past lending issues. Or you may need funds quickly and don’t want to deal with the lengthy processing and underwriting delays we see with large bank and mortgage lenders. We all know that traditional banks and credit unions will require multiple credit reports and spend weeks processing your application. Most real estate investors don’t have the time to deal with all that!
Assuming you know what you’re doing, the second step is to find an actual direct lender. You need a company that’s actually the one providing funds for a real estate loan. That way you can cut out the hassle of having your information sent to multiple different companies. Next you need to do your due diligence on the company you’ll be working with. Are they licensed to offer a private asset based loan on an investment property or owner occupied dwelling in Texas? Can they provide conventional financing for your residential and commercial real estate project? Or can they offer a construction loan or bridge loan for your real estate transaction? All these different options make it difficult to narrow down your ideal company or direct hard money lending terms. Don’t agree to any contract until you’ve done the proper due diligence. Read through you the entire loan application and reach out to customer service if you have any questions or concerns. Be sure your lender is willing to work with you on your specific financing needs.