A Hard Money loan is a specific type of asset-based loan financing through which a borrower receives funds secured by real property.This type of loan is often used by real estate investors to quickly acquire the capital needed to purchase, refinance or renovate a property. The investor can also use the hard money loan as a bridge to secure a more conventional financing. Hard money loans do have advantages compared to regular loans from a bank or a credit union, these benefits include the following:
Hard money loan does not require financials or credit scores:
Credit scores are not really important on Hard Money loans as these are asset based loans that utilize the value of the property as the primary qualification. Banks keep a list of issues kind of like a checklist that will raise a red flag and prevent them from even considering lending to a borrower with recent foreclosures, short sales, bankruptcies among others. Bankruptcies and other credit related issues are not significant in obtaining a Hard Money loan.
Hard money loans are approved quickly:
With a hard money loan you don’t have to wait weeks or even months to receive an answer, most hard money loans are approved within days , this saves you time, stress, and headaches so you can focus that energy on your new projects.
Short term and way more flexible than bank loans:
Hard money loans are way more flexible than a regular bank loan, as each application is evaluated individually and depending on your situation, you may be able to tweak things like the repayment schedules among other things. As you see, you are borrowing from a person who’s willing to talk and not a huge bank with strict procedures and guidelines to follow.
When the properties are stabilized or qualify for a new take out loan to pay off the hard money loan, National Commercial Property Loans will provide long term loans for this purpose.
Hard money loans can be used for:
Raw land, Gas Stations, Office Buildings, Hotel Motels, C Store, Retail Centers, Assisted Living, Self Storage Facilities, Senior Living / Assisted Living, Apartments/Multifamily and more.
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TEXAS HARD MONEY
Hard Money Loans in Texas for most types of Commercial Properties.
Hard money loans throughout the state, Dallas, Houston, Austin, San Antonio,. Fort Worth, Garland, Mesquite, Plano, Frisco, Denton, Addison, Irving, Grand Prairie, Wylie, Rockwall, Euless, Keller, Trophy Club, The Colony, Flower Mound, Coppell, Farmer’s Branch Southlake, Richardson and all other cities in Texas.
