Get Real Estate Loans Fast from Austin Hard Money Lenders: Call Now: 713-784-7676
Real estate in Austin TX and all over Central Texas is booming, and Austin hard money loans help make that possible. Local hard money lenders can provide both commercial enterprises and individuals with fast money for personal homes, real estate investments, or commercial property purchases. These are typically temporary loans that can get renewed if the need arises. They might be used as a new mortgage or to refinance property because old financing is not working out for the owner.
Austin Hard Money and Bridge Loans for Individuals and Businesses
We also specialize in making quick bridge loans for Austin individuals who want to buy or retain private property, real estate investors, and commercial enterprises. A bridge loan gets its name from the fact that it bridges the gap until traditional financing or investors come through with money. We offer these as temporary or short-term loans to companies, investors, and individuals. If the more permanent source of lending does not happen to arrive before the term of the temporary real estate loan ends, they may be extended as long as the borrower as made timely payments.
To understand Austin bridge loans from hard money lenders, it might help to see some examples:
- Commercial bridge loans: A company may need to purchase property quickly to take advantage of an opportunity, but they may not be due for equity or investor financing for months. A commercial bridge loan can supply the money quickly and get paid off after the other source of financing comes in.
- Residential bridge loans: Some home owners may need to buy a hew house before they manage to sell their old one. Mortgage may be reluctant to lend money for two houses. In some cases, an interest-only loan can make this situation more affordable for an average family too.
What are the Advantages of Austin Hard Money Loans for Property?
The right lending solution really depends upon the private party, real estate investor, or business involved. However, hard money lenders in Austin can provide a fast and convenient source of real estate loans for many different situations.
The biggest problem that most people have is that banks and mortgage company can take weeks or even months to approve a loan. With an Austin hard money lender, potential borrowers can have an answer within hours and money for their deals within days. The second problem is that banks and mortgage companies have gotten a lot tougher in recent years, and some very good people get declined for financing. A hard money lender may serve as an alternative or backup source of property funding.
- Hard money loans are fast: When you deal with a local hard money lender, you actually get a chance to deal with an individual who has the power to make a decision very quickly. This is very different than dealing with a finance company loan processor.
- Hard money lenders may say YES when traditional lenders say no: Because Austin hard money lenders base their answer on the value of the property, people with some credit issues may find they get get a loan from this source even if a bank or mortgage company has declined their application.
How Do Hard Money Loans Work?
Typically, these loans are delivered very quickly. You can simply call or fill out an Austin hard money application request online. The fair market value of the particular property serves as the basis to calculate the amount of money that the lender will consider offering to a potential borrower. The loan is usually for some percentage of that Austin property’s fair market value.