Hard Money Lender in Texas | Direct Private Money Lender in TX
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Hard money lenders, in part, power the Texas real estate market. Their ability to provide capital virtually on-demand to borrowers is paramount for fix and flip investors. It is pretty helpful to investors who cannot qualify for traditional lending standards or those who do not want to risk losing out on an attractive deal due to the slower process with conventional lending.
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Texas has experienced significant growth in the market since the 2008 housing crisis. Investor acquired properties have played a role in the increased growth. The number of investor purchases in the Texas real estate market extends to out-of-state investors. Many of them turn to hard money lending to scoop up the profitable investment properties available in the market. Hard money loans allow quick obtainable funding and the competitive edge needed to secure the market.
The US Census Bureau points to the Texas real estate market as the second-largest market nationwide, based on housing units. The statistics included nearly 11 million residential homes (apartments, condos, single-family, etc.) across the state. The market is only second to California, which boasts 15 million housing units total.
Although the market took a hit nationwide in 2008, Texas has managed to find itself in the upturn of real estate. The steady growth in the residential market has stayed ahead of most of the nation. The surplus of investors flocking to Texas real estate has spiked a need for hard money loans.
Real Estate Ventures in Texas for Hard Money Loans
Sunset Equity is A Hard Money Lender In Texas
Sunset Equity partners with many hard money lenders in Texas. We help investors finance p properties across the state. Our reach includes significant metro areas like San Antonio, Austin, Greater Houston, and Dallas-Fort Worth.
Our partnerships throughout the Texas real estate market are usually alongside experienced lenders who are fluent in the many local markets of the state. As a result, their confidence for reviewing an investment project of $75,000 in a rural market is just as high as another who reviews a $5,000,000 high-end investment loan.
The hard money lender network we have developed throughout Texas has been carefully curated. Sunset Equity values quality in the hard money lenders we partner with based on different qualifying factors, including underwriting guidelines, operating time, managing and handlings of operations including capital deployment, and the senior management team.
Individually, the hard money lenders of Texas offer business purpose loans ranging from $75,000 to $5,000,000 with LTVs up to 75%. This is for non-owner-occupied, single-family homes. The loans tend to be for fix to rent, fix and flip, buy to rent, or bridge: the terms – up to 36 months with an interest rate range of 8%-12%.
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Why do you need a hard money loan for Texas real estate?
Hard money loans for Texas real estate are backed by the asset, short-term, and used for non-owner-occupied property.
Asset-backed means that the decision for the hard money loan was based on the potential investment property’s value. It also weighs on the investor’s history. This is stark in contrast to traditional lenders, who weigh heavily on the individual factors of the borrower, such as credit and income.
In most cases, the Texas market requires short-term loans or loans with a repayment period of 36 months. Once again, this is very different from conventional mortgages, which are based on the familiar 30-month repayment scale. Lastly, a Texas hard money loan is for business purposes (fix and flip or buy and hold properties). Eligible properties must be non-owner-occupied.
A significant characteristic of hard money loans in Texas and all markets is the ability for lenders to make quick decisions and release capital in record time. Speed and availability are the pros which may be balanced by the cons of higher than standard fees.
Reason to use Hard money loans for Texas Real Estate
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Texas real estate investors typically use hard money lenders to secure real estate property quickly. The best options everywhere, including Texas, are hard money loans, primarily for their straightforward business model, allowing investment property to be secured promptly. This is particularly true for fixing and flipping properties, buying and holding, and other rehab options. Hard money lenders in Texas often represent the ideal option for securing attractive Texas real estate quickly. They also represent the borrowers who would otherwise find difficulty finding their footing in the market relying on financing through traditional avenues.
In simplest terms, when conventional financing does not apply to the investor’s financing needs in Texas, a hard- money lender is the best option.
