A hard money lender in Texas is a busy man, meeting the growing demand for estate based mortgages. Nicknamed “the most business-friendly state in the nation,” Texas is thronged by entrepreneurs and millionaires with keen business acumen. It is a natural phenomenon that huge amounts of money are transacted here every day. In an attempt to earn bigger, inhabitants willingly invest in commercial, residential or constructional real estate, requiring hard money for this purpose. Lenders of hard money do a roaring business all the year round. In a hurry to pass up an upcoming opportunity, investors turn to hard money lender in Texas who is just as eager as the prospective borrower.
Hard money lenders offer to the customers what conventional lending organizations cannot. They provide quick solution to problems concerning funding of projects. Within 48 hours of appraisal and approval the borrower may be able to go ahead with his business plans. This is one of the chief benefits of a hard money lender in Texas. Another one is the simplicity of the process of borrowing. Potential borrower is not grilled for hours or faces rejection. Every customer is treated with deference, all while his request is given serious consideration. It is not a matter of “whether to or not”, but of how best to offer a lending program that meets his specific need. Time constraints have led the borrowers to opt out of going through the lengthy procedures that formal lenders follow.
The heaps of paperwork, documentation, need for verification of income, financial status has been done away with and a novel way to expedite matters has been adopted. Borrowers, in their turn, have only to offer a piece of property as collateral. Often 100% funds are arranged but at least 70% of LTV is given by a hard money lender in Texas. The lenders are not too stringent about repayment or monthly installment, adjusting their tenets to meet the individual client’s circumstances. It is a customer-centered borrowing process entirely. The only drawback is that hard money is lent for a short duration and at an extraordinarily higher rate of interest. This is done since the lenders face increased risk factors and higher number of defaults