houston Income and Investment Property Hard Money
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Securing financing may be the most critical part or putting together your investment portfolio. Like local banks, Hard money is best for short term financing. When you need to close quickly private money/hard money can save the day. If you credit is not bankable or you prefer not to show income documentation these lenders can make your deal close. Financing Texas investment rehabs is not something you can get funded with traditional mortgage banks. You need a financial tool that will allow for repairs or loan the rehab money. Most private money lenders prefer not to exceed 70% of the ARV (after rehab value). However these allow for 100% of the financing. (ex: 60k purchase, 10k repair = 70k, or 70% LTV) based on 100k value. REHAB TO RENTAL: Contact us to show you how to put together program that will allow you to roll over your hard money or bank loan to permanent financing for investment and rental property. |
OVERVIEW OF HARD MONEY
These are asset based loans. A borrower’s credit history and income are less important, decisions are based more on the ability of the individual to meet the monthly interest payments and show the ability and experience to complete a residential rehab. Why hard money?, asset based loans can be creative in assisting buyers who acquire multiple properties in Texas and need to move quickly, sometimes in 3 days if all documentation are 3rd party work is performed. Funding 100% of the borrower's acquisition cost and repairs it is much less expensive for the principal to pay a higher interest rates than to take on a partner or put up to 25% down at local banks and take the extra time traditional banking institutions may require.
HOW
We are direct link to private investors with years of real estate investment experience in Texas. As investors ourselves, we realize how important the ability to move quickly is for many of the opportunistic buys in todays competitive investment real estate market. With good information we are ready to facilitate a smooth and quick process.
REHAB TO RENTAL
All of these loans can be converted into permanent financing for rental properties. We would pre-approve the buyer for permanent financing before the transaction ever proceeds. Talk to us about strategies for REHAB-TO-RENTAL.
****NEW PROGRAM FOR EXPERIENCED INVESTORS(MAJOR METRO AREAS)
RATES AT 12.5 AND 3% FOR INVESTORS WHO SHOW INCOME AND RESUME OF COMPLETED DEALS. CALL US FOR DETAILS
COMPARE TO MOST HARD MONEY AT 14-18%
DOCUMENTATION FOR HARD MONEY LOANS
- LOAN APPLICATION (DOWNLOAD OR FILL OUT ONLINE)
- PROPERTY EVALATION WORKSHEET(CLICK)
- LIST OF REPAIRS
- DISCLOSURES(APPRAISAL AUTHORIZATION)
Loans minimum $60,000
Loans limited to metropolitan areas in Texas, no rural property.
REHAB LOAN PROGRAM HIGHLIGHTS:
- rehab to rental (see description below)
- cashout (no seasoning)
- purchase to 100% LOAN TO COST
- no limit on number of properties owned
- all income documentation types
SUMMIT LENDING -Specialists in investment property financing Summit Lending is texas mortgage broker specializing in investment loans in Texas. From 0 down, to no income verification, no documentation, cashouts with no seasoning. APPLY ONLINE, for quick prequalification. A Texas investment loan can be used for rental property (non-owner occupied loans) 1-4 units. Investment property loans are usually a higher interest rate than an owner occupied, or non investment loan. Texas investment property loans come with more options today than ever before. Whether your income property loan is for Purchase or refinance up to 100% financing is available. There are even interest only or option arms that are tools to increase your monthly cash flow. A single borrower can often finance and unlimited amount of properties if set up correctly. The 10 properties limit is for fannie mae. Visit our loan submission site for loan applications and investment loan scenarios. INVESTOR LOAN PROGRAM HIGHLIGHTS: Let us show you how to turn your rehab properties to investment and income properties with almost zero money down or out of pocket. visit our site on Texas rehab loans. With the use of banks and private money turn distressed investment property into income producing property.
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