A cash out refi is one of the most common types of asset-based private money loans that we offer to clients in Texas. Unlike traditional banks and mortgage companies, we’re able to look at the available equity in your property, not your credit score. Our fast underwriting team will do all they can to get your loan processed and closed with 8 business days. We’ve even seen a few cash out refi’s close in less than 3 days! Each loan will come with specific terms, but we can often provide funding that reaches 50% of the total property value.
Cash Out Refinance Private Money Loan
We recently rolled out a program that permits qualified investors to pull cash out and refinance their property with rates at around 7.75%. This is exclusive to the state of Texas and you need to submit an application to qualify. Once you submit your app and all other relevant paperwork we will get started on securing you a pre-approval. No situation is unique and underwriting terms will always change, but our goal is to give our customers an idea within a day if they will in fact qualify. Keep in mind, our underwriting guidelines are designed to look past your overall credit history or other issues that would cause trouble with traditional banks and mortgage lenders. As this is a hard money loan offer, we want to see that you have enough equity. By having equity in your real estate venture you should get past the typical hurdles faced with your bank. These issues include a bad credit score, past bankruptcy, or other credit report issues which traditional banks look unfavorably at. We have no problem looking beyond that if you can show enough equity in your application for a cash-out refi that comes with low closing costs.
Cash Out Refi Hard Money Loan In Texas
Do you live in another state besides Texas? While our primary focus is on loans in Texas(The bulk of our customers are in the greater Dallas area), we can still help you if you live outside the state. We may not be able to help you directly as each state has specific regulations and financing rules. But that doesn’t mean we can’t answer your lending related questions or point you in the right direction. It can be frustrating to find a decent company to work with you need a cash out refi or any other type of hard money loan. Don’t hesitate to call us if you live outside of Texas. We’ll do our best to get your information to someone that can help you. As always, we will gladly answer any private money lending questions you may have.