Hard money lenders in Texas have several different types of hard money loans to offer to their customers. The wide range of loans on offer is aimed at satisfying the needs of different customers. These lenders prefer to have the property in question being the collateral for the loan. If the borrower defaults on his obligations then the property reverts to the lender and it eventually goes to foreclosure. This security and the fact that the loans are offered at a higher interest rate than the traditional loans enables lenders to provide their services comfortably.
The following are some of the common types of hard money loans available in Texas:
Mortgage Refinancing: This type of hard money loan pays off one or more loans that have been secured on the property. The loan offers the borrower with a new loan which in most cases gives him a bigger principal balance. The home owner can either get the refinancing without actually getting the money in his pockets by rolling the cost of the new loan that he is getting into the principal balance or in the form of a cash-out refinance.
Bridge Loan: Hard money lenders in Texas mostly offer this type of loan in buyer’s markets. The loan is used by sellers of homes who want to acquire a new home before they can sell an existing home. This loan allows the seller to get cash from the existing home. (not for owner occupied homes)
Home Equity Loan: This is a product that allows you, the borrower, to use the market value of a home as collateral for loan. Equity is calculated by subtracting the amount that is owed on the property from its current market value.
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Texans can borrow up to 65% of the value of their property depending on the program being offered by the lender.