Nov 23, 2021 9:00:00 AM
Feb 19, 2021 4:01:07 PM
Real estate investors often prefer hard money lenders instead of large financial institutions such as banks for obtaining their loans. The primary reasons for this are a)private money lenders process loans much faster, which is ideal if someone requires a loan quickly to beat a competitive bid, and b) Hard Money Lenders have more flexibility than banks. Also, hard money lenders have less stringent requirements and background checks.
Nov 13, 2020 5:00:08 PM
With a robust real estate market in Houston, you may be thinking about purchasing a property as an investment. After all, home values reported in September 2020 are up in Houston by more than 11% year-over-year.
Sep 15, 2020 3:19:18 PM
Sep 1, 2020 3:22:03 PM
Sep 26, 2018 2:08:55 PM
Texas is amongst the top of the nation in rankings for weather-related property damage each year. Therefore, knowing the different types of insurances available and their coverages is crucial. If you live or plan to live in one of the 14 coastal counties or parts of Harris County or Galveston Bay you should know of separate policies that are available that may help you protect yourselves from losses caused by flooding.
Mar 2, 2017 12:00:00 PM
You may or may not heard of this term before but a wraparound mortgage or “wrap” is a form of secondary financing for the purchase of real property. The seller/lender extends to the buyer a junior mortgage which wraps around and existing mortgage, typically the bank or the seller of the real property assumes the payment of the existing mortgage and provides the borrower with a new larger loan, usually at a higher interest rate.
Feb 27, 2017 1:00:04 PM
Houston Hard Money loans are backed by the value of real property not by the credit worthiness of the borrower. Since the property itself is used as the only protection against default by the borrower, the loans have a lower Loan to Value ratio (LTV) and carry higher interest rates compared to conventional commercial or residential loans. These loans are often referred to as a short term loan or bridge loan.
Jan 27, 2017 4:09:03 PM
If you are a typical borrower looking for financing for your primary residence the first thought is to apply with your local bank or credit union. The interest rates are typically competitive and generally lower than private lenders. However, credit rating is a primary factor in the loan decision and you have to meet certain underwriting guidelines. If you don’t have good credit with easily documented income sources your loan application can be denied.
Hard Money loans are customized to borrowers needs based on the fact that you have sufficient capital, generally around 20-30% down of the purchase price of the property and your ability to repay the loan.
Private money lenders or Hard Money lenders in Houston are quite different from bank loans. Below you will learn 10 reasons why Hard Money loans in Houston are here to stay:
Jan 2, 2017 11:00:00 AM
In today’s market, it is fairly difficult to find a Hard Money lender in Houston to finance to a Foreign National or to a borrower with an Individual Tax Identification Number (ITIN). A Foreign National is a citizen from another country who periodically visits the United States and is purchasing a property in which to reside during their stay. Mortgage Investors Corporation or AMI Lenders’ Foreign National and ITIN loan programs, offer financing to any non-US citizen wanting to obtain a residential or commercial Hard Money loan in the Houston metropolitan area.