When you hear the phrase “hard money loan,” what thoughts come to your mind? For many people, the answer is shady hard money lenders in Houston who use sly tactics to dupe unsuspecting, vulnerable borrowers out of their hard-earned money. People who have this thought about hard money lending wouldn’t necessarily be wrong! It’s sad how one or two bad apples can spoil the entire batch.
Indeed, there are plenty of predatory lenders in Houston who use hard money lending in TX to loan to own. It works by providing unsavvy borrowers with risky loans, which are secured by using real estate as collateral. These predatory hard money lenders loan money with the intent to foreclose. This is why it’s so important to find lenders who operate with integrity. Put simply; you need a hard money lender in Houston like Bay Mountain Capital.
To speak with a Bay Mountain Capital representative, contact us by filling out the form on our website or call us directly:
How Can I Get a Hard Money Loan in Houston?
There are different property types that can be used to secure a hard money loan in Houston, TX. These include single-family residential properties, multi-family residential properties, commercial properties, land properties, and even industrial properties. Of course, there are some TX hard money lenders who specialize in certain property types, but Bay Mountain Capital is experienced in every property type.
What Types of Deals Should Hard Money Loans be Used for?
Hard money loans might be easy to access, but they are not appropriate for every deal. Please, exercise your best judgment and never accept a hard money loan that you aren’t 100% sure you can payback. The last thing you want is a foreclosure on your property and to lose everything you’ve got tied up in the deal. Here are some of the best types of deals for hard money loans:
Is a Hard Money Loan Right for You?
Real estate investors use private money loans in TX all the time for a number of reasons. The most attractive reason is that hard money lenders in Houston can fund the loans quickly. For the average borrower, they can obtain their loan in less than seven days from the time they apply. Compare that to the 30 – 45-day waiting period required when borrowing from a bank.
Indeed, the ability to obtain funding much faster than at traditional lending institutions and banks is one of the things that makes hard money loans attractive to borrowers. As you see, there are a lot of pros and cons that come with hard money lending in Texas. The best way to determine if a hard money loan is right for your situation is to contact Bay Mountain Capital and speak with a representative. We can help you determine if a hard money loan is right for you and make a deal that is favorable to you.