In case you ever have taken a loan, you are p[retty much accustomed to the process. The lender wants to have proof that you will be able to repay the amount you are borrowing. In order to do that, they check your credit score and also take a deeper dive into your debt-to-income ratio. Now, if you pass all those factors and also have a solid history of responsible borrowing, you will not face any issues regarding getting a loan. But, the traditional loan process can be too slow. Often, you might miss a great opportunity due to the lack of time and prolonged time. The time-taking loan approval process of traditional banks and financial institutions. Here, hard money loans can help you get those profit-making deals when you have a shortage of time. Here, the process is not only faster but also more simple. You do not need to provide any credit history or income proof.
As long as the property is worth the money, you will get the loan.
The Top 3 Hard Money Lenders In Austin, Texas
You will never be out of options when you are searching for hard money lenders in Austin, Texas. Texas is a great place to establish your real estate business. But you always have to ensure that you are picking the right one. Hard money lending demands more interest rates than traditional banks or financial institutions.
Yes, it also takes less time to approve the loan.
But here, you need to ensure that you are opting for only the best hard money lenders in Austin, Texas, because they charge reasonable and considerable interest rates. Also, the process is pretty streamlined; even the best ones can assist you in picking the right real estate property for your project.
It means, along with teh loans, you are also getting access to experts’ advice.
#1 HouseMax Funding
HouseMax Funding is one of the fastest-growing money lenders in America. Their team has more than 25 years of experience in lending, along with over 50 years of experience in collective real estate investing and sales.
Their record has more than 1,250 deals along with over 3,000 flipping houses. When you are looking for one of the best hard money lenders in Texas, you can always opt for HouseMax Funding, as they provide a special hands-on approach by valuing the investor’s time.
Their assistance with various projects is definitely a plus here. Even their expert team will also help you get the right loan for your particular real estate project. And that can be anything from flipping a house or simply remodeling it.
#2 Stallion Funding
When you are looking for hard money lenders in the Austin area, you can opt for Stallion Funding, which is one of the most reputable ones. They have already closed more than 350 loans and also have funded more than $250 million dollars worth of projects.
Whether it is a single-family residence or a multi-million dollar commercial and residential development, you will get a loan from Stallion. With fast closings, assurance of getting the job done right, and transparent fees, Stallion is kind of ruling the market of hard money lenders.
In case you have any specific requirements, you can choose Stallion funding, as they will come up with a reliable solution on the basis of your needs.
#3 Park Place Funding
Investment projects are indeed too time-sensitive. And, here in Park Place Funding, they understand that. That is why their approval process is pretty simple. Once you are done submitting an application along with proof of funds, within 24 hours, you will get the approval.
All those traditional lenders usually provide around 80% of the purchase price to real estate buyers. However, Park Place Funding offers 70 to 75 percent of the after-repair value of the particular property.
But, when traditional lenders require 35 to 40 days in order to close a loan process, with Park Place funding, investors just need to give 7 days of the time period. They need surveys, an appraisal, and a title policy to check, but their efficient team is capable of accomplishing the loan process within a fraction of the time that traditional lenders take.
So, now, you know the best hard-money elders of Austin, Texas. You can choose any of them as per your loan requirements and interest rate. Always check the interest rates before applying for a loan.