Texas hard Money Historic rehab

214 213 8967

Texas rehab and hard money BASIC GUIDELINES AND FAQS

 

Rehab loans are short term solutions for property acquisition and repair. Typically investors sell the property or put into service as rental properties though a long term mortgage solution. see Texas Investment property loan overview of long term options

I. STEPS:

  1. Apply (online or download the hard money application)
  2. We send approval letter so you can make offers on your investment property
  3. Once you have a contract, we review property with you and schedule appraisal or site visit.
  4. We issue loan terms  for closing
  5. Generally our side is ready to close in 10 days (as fast as 3 days if needed)

II. LOAN CRITERIA FOR HARD MONEY REHABS IN TEXAS:

CASHOUT – UP TO 70% LTV
PURCHASE & REHAB– UP TO 70% ARV
OR 80-90% OF PURCHASE PRICE (the better your deal, the higher the LTV on purchase
PURCHASE AND REHAB LOANS (in Texas 1st and 2nd markets)
CROSS COLLATERALIZE OTHER PROPERTY (NO OUT OF POCKET POSSIBLE)
SHORT SALES SOLUTIONS
EVEN LONGER TERM TO 30 YEARS POSSIBLE (soft money from 9.5- 10.5) rental property loans

III. LOAN MATRIX :

Geographic Area:

Texas (austin,dallas,san antonio,houston) and the surrounding suburbs. Others considered

Dallas- Fort Worth (North Texas Area)
Central Texas ( Waco,Belton,Temple)
Austin – San Antonio (South Central including Surrounding areas , like
Roundrock, Cedar Park, Lakeway, Dripping Springs, to Boerne, San Marcus, Kyle

South Texas (Harlingen,McAllen, Cameron and Hidalgo Counties , South Padre area and more

.

Property Type:

Residential (non-owner occupied),( 1- 4 unit)

owner occupied available with 25% down and 600+ credit.

Commercial (see commercial hard money site)

Loan Size: $35,000 Minimum-No Lending Limit/Cap (may go lower , will not loan on property worth less than 90k ARV
Loan Term:

1 year - 3 years for hard money -bridge

10 -30 years for our proprietary rental property loans

Interest Rate:

Interest Only-Varying depending upon LTV, Credit, Term, Etc.

12-13 % 6 AND 12 months

 

Loan Origination Fee: 2.5 - 5 Points (pending ltv, loan size and length of term)
Loan to Value:

Up to 75% on residential rehab.

(varies by property and location)