Don't Be Afraid of a Texas Hard Money Loan!

Hard Money Loan Texas

If you are looking to rebuild your home, renovate your home, or flip your house, then you have come to the right place. It’s time to consider a  Texas hard money loan to get the funds for the project you thought you’d never get to do because of the economy and, ultimately, your credit score.

Your credit score doesn’t have to dictate what you do with your life. Why an Texas hard money loan, credit isn’t even a problem- it’s not even something that’s considered.

That might seem strange but Texas hard money lenders base your Texas hard money loan entirely on the value of the property you have and want to flip. It is not based off of the credit you may or may not currently have. The paper work is next to nothing and really, when you think about it, what this means is that a Texas hard money loan is just about the most simple loan you can get and the easiest. And everybody like simple and easy when it comes to loans.

However, remember that this is a loan and Texas hard money loans are more expensive than your traditional loan. That being said, these kind of loans are certainly more convenient and much quicker to close than a traditional bank loan that keeps you waiting around to see if you ever qualify, much less ever see the cash. That’s not the way it is with a Texas hard money loan.  With private money lenders Texas, just about as quickly as you are able to qualify and get your paperwork done, you can start working on your dream right away. That’s far less time than it would take for a traditional loan, you will have all the money you need from a hard money lender Texas.

Dennis Dahlberg
Broker/RI/CEO/MLO

Level 4 Funding LLC
Arizona Tel:  (623) 582-4444 
Texas Tel:     (512) 516-1177 
dennis@level4funding.com
www.Level4Funding.com

NMLS 1057378 | AZMB 0923961 | MLO 1057378
23335 N 18th Drive Suite 120
Phoenix AZ 85027

Is Texas Hard Money Really "Hard?"

You might be new to the term “hard money” and it might sound a little intimidating. Don’t let this scare you. It really isn’t, even though ‘hard money’ sounds a lot harsher than ‘soft money.’

In the world of loans, you may have figured out already that there is soft money and hard

hard money lenders Texas

money. Without going into extensive detail, let’s just say the two are very different. One thing that is different is that Texas hard money is based upon hard assets and not credit score or credit history. In all aspects, hard money is essentially the easiest loan for you to get approved for.

Remember that Texas hard money loans are equity-based, not credit based, so it’s about the assets, not your credit, income, or financial history. It doesn’t matter how bad your credit is. Usually. However, some hard money lenders are going to want more information about you, just to make sure you can repay the loan, however, for the most part, they are more interested in the property you are looking to buy, not your history.

What Kind of Texas Hard Money Loan is Right For Me?

There are a few different types of Texas hard money loans. Of course, the first is a commercial hard money loans. This is for, as you might have guessed, commercial properties, not personal properties.

The second type of loan is a business hard money loan. This is where the loan is based upon the hard assets of a business such as accounts receivables or cash flows. Again, not about credit.

The other (and perhaps most common) is a residential hard money loan. These Arizona hard money loans are usually for individuals or families looking to fix up a property or purchase their dream home.

Please remember that an Texas hard money loan is not a signature loan, or rather, it is not a loan without any assets whatsoever that’s based on credit score, work history, income, etc. If you’re looking for a signature loan, talk to your bank about that because that is not what hard money loans are. The whole purpose of a hard money loan is asking for a loan based on the property you are looking to invest in and getting that loan in a timely manner.

Talk to your nearest Texas hard money representative to see if you qualify for this type of real estate loan today!

Dennis Dahlberg
Broker/RI/CEO/MLO

Level 4 Funding LLC
Arizona Tel:  (623) 582-4444 
Texas Tel:     (512) 516-1177 
dennis@level4funding.com
www.Level4Funding.com

NMLS 1057378 | AZMB 0923961 | MLO 1057378
23335 N 18th Drive Suite 120
Phoenix AZ 85027

Make Full-Time Money Flipping Houses with Private Money Lenders Texas!

Real estate flipping isn’t just a job – it’s a passion by Private money lenders Texas

Just like with any business, bank or mortgage company, private money lenders Texas want to see that you’re interested in a particular project. Always return calls promptly and get the information they need in a timely manner. Private lenders keep less capital on hand than banks. If you delay in getting back to a hard money lender, they may lend their assets to another borrower.

Private money lenders Texas specialize in hard money, asset based loans. These are short term loans designed to get cash into your hands quickly for a short term fix and flip project.

The first step to being the first in line to get approved for one of these loans is to so a deep, penetrating interest in the project. Let them know you’re not just in it for the money. You don’t want to just renovate an old nursing home, you want to give it a modern feel and make sure the community at large is prepared for such a great benefit to the area.

SHOWING THIS KIND OF ENTHUSIASM SHOWS PRIVATE MONEY LENDERS ARIZONA THAT YOU’RE COMMITTED TO THE PROJECT AND WILL SEE IT ALL THE WAY THROUGH.

And if it appears to be some kind of charitable act that will make the world at large a better place, they’ll be all the more ready to join your team and fund your project. After all, everyone loves to feel like they’re doing some good in the world.

Also, don’t forget to do a little homework. Make sure you know the potential property inside and out, including but not limited to talking to contractors and getting estimates on costs and repairs. You’ll really show them what it’s all about if you’re passionate and knowledgeable.

Dennis Dahlberg
Broker/RI/CEO/MLO

Level 4 Funding LLC
Arizona Tel:  (623) 582-4444 
Texas Tel:     (512) 516-1177 
dennis@level4funding.com
www.Level4Funding.com

NMLS 1057378 | AZMB 0923961 | MLO 1057378
23335 N 18th Drive Suite 120
Phoenix AZ 85027

Things to Consider When Flipping a Home With Texas Hard Money: Curb Appeal

Texas Hard Money - Curb Appeal is key for home flipping.

A huge aspect to consider when flipping a home is curb appeal — the outside of the house. You might need to paint, landscape and fix up the driveway, which adds to the budget. If you’ve bought in a pricey neighborhood, mowing the lawn and repairing the fence may not be enough — there could be homeowners’ association fees. In up-and-coming neighborhoods, you might have to budget for security measures. once you have your budget, and your Texas Hard Money loan you can choose your spot to buy your home.  Once you’ve decided on what kind of house to flip — new construction, a fixer-upper or a foreclosure — you need to figure out the neighborhood.

Don’t skimp on the research here. Make sure you really investigate the area — drive around during the day and at night, check recent sale prices and find out if any other flippers are sitting on empty houses.  If you’ve decided to flip a new home, your options are somewhat limited to what’s being built in the area — typically in housing developments. Some communities also have restrictions on buyers, requiring them to live in the house so the community doesn’t end up a ghost town. Make sure you do your research because you can bet that the lender giving you your Texas hard money loan will. 

IF YOU’VE OPTED TO BUY A HOME IN FORECLOSURE, YOU’LL BE BUYING FROM A LENDER — FORECLOSED HOMES ARE ALSO KNOWN AS REOS, OR REAL ESTATE OWNED BY THE LENDER. PURCHASING AN REO IS A LENGTHY PROCESS, TYPICALLY SIX TO EIGHT MONTHS. THIS IS BECAUSE FOR A BANK TO FORECLOSE ON A HOME, IT MUST FILE COURT PAPERS AGAINST THE HOMEOWNER, WHICH TAKES AWHILE. IF IT’S AN AUCTION, YOU’RE RULED BY THAT TIMETABLE. AND BECAUSE THE HOME IS SOLD “AS IS,” BANKS MIGHT NOT BE AS WILLING TO HAND OUT A LOAN.  IN THIS CASE DEFINITELY FIND  TEXAS HARD MONEY, BECAUSE THEY WILL HAND OUT A LOAN FOR A PROPERtY THAT NEED RENOVATIONS AND WORK.  

IF YOU’RE DETERMINED TO BUY A HOUSE IN FORECLOSURE, THERE ARE PLENTY OF WEB SITES THAT LIST REO HOUSES, OFTEN FOR A FEE. AND MANY LENDERS, LIKE FANNIE MAE, LIST THE HOMES THEY HAVE IN FORECLOSURE. A WARNING HERE: MANY OF THESE SITES WILL LET YOU SEARCH FOR HOMES ANYWHERE IN THE COUNTRY, BUT EXPERTS AGREE THAT ONE OF THE BIGGEST MISTAKES FLIPPERS MAKE IS BUYING A HOUSE SIGHT-UNSEEN. THE PHOTO OF THE HOUSE MAY BE PRETTY, BUT THERE’S NO WAY TO GUARANTEE ANYTHING ELSE. IT DOESN’T GIVE YOU ANY CLUES ABOUT THE NEIGHBORHOOD, AND THERE’S NO WAY OF KNOWING HOW OLD THE PICTURE IS.

Once you have chosen a home, getting your Texas hard money loan is easy! Call us today to start the process. And once you are approved and ready to begin renovations, make sure to pay attention to curb appeal. Many buyers are sold on a home before they even walk through the door!

Dennis Dahlberg
Broker/RI/CEO/MLO

Level 4 Funding LLC
Arizona Tel:  (623) 582-4444 
Texas Tel:     (512) 516-1177 
dennis@level4funding.com
www.Level4Funding.com

NMLS 1057378 | AZMB 0923961 | MLO 1057378
23335 N 18th Drive Suite 120
Phoenix AZ 85027

How to Stick To Your Reno Budget with Texas Hard Money Loans

How to Keep your budget when flipping homes with Texas hard money

Budgets can balloon quickly on fixer-uppers. If you decide to invest in one, you need a high tolerance for risk, an exit strategy, and an Texas Hard Money loan to help you cover costs. This is the consensus from most home remodeling experts; You can make more money on a really cheap house that you turn into a nice house than a nice house that you turn into a premium house. All those expensive upgrades don’t offer nearly as much return on your investment as fixing a cracked foundation does. For most people, this means hiring workers, or having a lot of help.  The more people you get involved, the more coordination is required. You’ll have to keep very close tabs on plumbers, electricians and handymen — or hire a general contractor (which means a big increase in your budget).  Think local. If you’re remodeling a house in Massachusetts, use clapboard, not adobe bricks. The closer to home you stick for materials, the more experts you’ll be able to find to help you install them.  Don’t overestimate your work. Sure, that paint job looks nice, but is it really worth a $20,000 markup on the property?

OVERPRICING YOUR PROPERTY COULD JUST LEAVE YOU WITH A HOUSE THAT PEOPLE ARE WARY OF BECAUSE IT’S BEEN ON THE MARKET TOO LONG AND WITH A TEXAS HARD MONEY LOAN IT IS KEY TO SELL THE PROPERTY QUICKLY SINCE YOU DON’T WANT TO PAY THE INTEREST ON YOUR HIGH INTEREST LOAN.

Don’t get ahead of yourself. First-time flippers may see dollar signs when they think about buying multiple properties, but problems can quickly turn into bankruptcy if you’re using one house’s equity to pay for another’s repairs. Plus, each home requires attention, and unless you’re quitting your day job — which the experts also don’t recommend for newbies — you will probably have plenty to do for one house without thinking about your next flip.  However long you think the renovation will take and whatever you estimate it will cost, just understand that it will probably be much costlier and more time-consuming.  Nearly every upgrade you skimp on will haunt you, re-modelers warn. From cheap carpet to cheap electricians, quality of workmanship is something that flippers cannot fake in a softening market.

If you do your research and choose your Texas hard money lender wisely, a fix and flip property can be your ticket into real estate investing. Although there are ups and downs in the real estate market, it is has historically been a sound investment and a great way to build your wealth. 

Dennis Dahlberg
Broker/RI/CEO/MLO

Level 4 Funding LLC
Arizona Tel:  (623) 582-4444 
Texas Tel:     (512) 516-1177 
dennis@level4funding.com
www.Level4Funding.com

NMLS 1057378 | AZMB 0923961 | MLO 1057378
23335 N 18th Drive Suite 120
Phoenix AZ 85027

What You Need to Know About Texas Hard Money and LTV

Why the higher interest rates on Arizona hard money loans?

You might have heard the term "hard money" drifting around in current years and thought about the opportunity of buying a home this way. However, the higher rate of interest that go along with Texas hard money usually frighten debtors away. Ensure you know the implications of Texas hard money before writing it off entirely-- you never know exactly how you can make it help you!

The initial point to know is that Texas hard money loans are equity-based. That indicates that your qualification for a financing does not originate from your credit score, capacity to pay, or job standing. As a matter of fact, the loan is exclusively based on what the residential property is worth.

Exactly what does this mean for you and your lender? Essentially, it suggests that you have not been able to be accepted for a standard mortgage. It also indicates than a hard money lender is taking a significant danger by allowing you to acquire his or her private money temporarily, not 100% certain that they will get it back. Hard money lenders take a significantly greater risk compared to financial institutions due to the fact that the loans are based so little on you and so much on the property value.

One more point to bear in mind is that Texas hard money loans are normally shorter in length compared to bank loans. Often, the terms of Texas hard money loans last anywhere from 6-36 months, but can easily vary depending on the circumstance. It is important to remember that the longer you have the loan for, the more interest you will pay. Texas hard money is designed to be a short term loan for investment properties or short term financial needs.

An additional factor customers experience is a little bit higher rates of interest. This is because they are not required to pay any application costs, processing fees, paperwork charges, or closing costs. All of those expenditures accumulate quickly and they have to be considered in some way.

The major explanation Texas hard money loans charge a bit higher interest rates is due to the significant risk on behalf of the lender. These lenders go where banks decline to go, and they lend to those people who would not be able to obtain financing otherwise. They don't examine a customer's capability to pay-- they merely depend on that borrower to be true to their word.

What about LTV with Texas hard money?

Essentially, the LTV represents the Loan to Value ratio of a Texas hard money loan. Sometimes, debtors could receive approximately 80 % of the money that the residential property is worth. Usually, this number is anywhere in between 65 % and 80 %. This is determined on a case by situation basis and is a choice made in between you and your lender. One of the reasons this is a bit flexible is that a Texas hard money loan is given by a private lender or investor, not a bank. Banks have strict guidelines they have to follow. While hard money lenders do have to follow all federal regulations and laws, they have more discretion when it comes to approving loans and their hands are not tied.

If a Texas hard money loan sounds like the right loan for you, call our office today!

Dennis Dahlberg
Broker/RI/CEO/MLO

Level 4 Funding LLC
Arizona Tel:  (623) 582-4444 
Texas Tel:     (512) 516-1177 
dennis@level4funding.com
www.Level4Funding.com

NMLS 1057378 | AZMB 0923961 | MLO 1057378
23335 N 18th Drive Suite 120
Phoenix AZ 85027

3 Facts You NEED to Know About Private Money Lenders Texas!

The economy has made traditional lenders a little worried about your credit score. Many real estate investors are finding themselves unable to purchase investment properties due to a bad credit score or unfavorable debt to income ratio. If you find yourself in this situation, you are not alone. That’s why Texas hard money loans made by private money lenders Texas are among the best ways to get started flipping that house today, even when you don’t have the credit you once had. With Texas Hard Money loans, you actually don’t need to have perfect or even good credit. Take a look at this three facts you might not have known about private money lenders Texas. 

1. Like we said above, with private money lenders Texas, don’t worry about your credit score. Your lender sure isn’t! Instead of worrying about your credit score, start worrying about what you’re going to do with the house you want to flip! Really, lenders are more concerned about the property you are borrowing against and whether or not you are going to repay the loan, but they judge that based on character. This loan really has nothing to do with your FICO score, so stop worrying about it.
2. You have to be realistic with private money lenders Texas. Why? Because this is a loan, not a gift. Really be honest about how long you think your home renovation project is going to take and be up front with your lender. For example, do not say you will only take a month if you know it will take three. That would be bad faith and give you a bad reputation. Plus it could end up costing you a lot extra in interest and penalties. Give yourself enough time to pay the loan off. If you find that your project is taking longer than you anticipated, ask for an extension on your hard money loan. 
3. One last tip is that hard money loans really aren’t as expensive as you think they are. This is especially true if you can make your turn around time on your home investment quickly. The loan does carry a higher interest rate, but it is meant to be a short term investment that can help you and your lender make money fast. It is a win-win solution. 

Dennis Dahlberg
Broker/RI/CEO/MLO

Level 4 Funding LLC
Arizona Tel:  (623) 582-4444 
Texas Tel:     (512) 516-1177 
dennis@level4funding.com
www.Level4Funding.com

NMLS 1057378 | AZMB 0923961 | MLO 1057378
23335 N 18th Drive Suite 120
Phoenix AZ 85027

Benefits of Using Texas Hard Money For Your Investment Property!

Texas Hard Money

Looking to rebuild your home to make it exactly what you want? Or maybe to flip a home and sell it for a profit? Have you already looked into traditional bank loans and have been told to look elsewhere? It might be time to consider new options like a Texas hard money loan.

Why a Texas hard money loan? Easy- you don’t have to worry about your credit score. Nope. Not one bit.

How is that possible? Let us tell you: hard money lenders base your Texas hard money loan entirely on the value of the property you have, not based off of the credit you may or may not have. Big sigh of relief, right? That also means that a Texas hard money loan is just about the most simple loan you can get. A Texas hard money loan is also the fastest loan you can get, hands down.

There is one thing to keep in mind, however, and that is that Texas hard money loans are more expensive than your traditional loan, however, they area also faster you’re your traditional bank loan. So just about as quickly as you are able to qualify and you’re your paperwork done, you will have cash in hand, and that says a lot. It means you can start working on your dream right away. In far less time than it would take for a traditional loan, you will have money from a hard money lender Texas.

It’s important to also realize that on average, most hard money lenders Texas are going to be asking for twenty percent of the purchase price of the property. While, as we said, this is really the average, more than likely, you will get 50 to 60 percent of the true property value and you can do so much with that. Good luck. Start making money with Texas hard money loans by calling us today!

Dennis Dahlberg
Broker/RI/CEO/MLO

Level 4 Funding LLC
Arizona Tel:  (623) 582-4444 
Texas Tel:     (512) 516-1177 
dennis@level4funding.com
www.Level4Funding.com

NMLS 1057378 | AZMB 0923961 | MLO 1057378
23335 N 18th Drive Suite 120
Phoenix AZ 85027