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: