4 Ways to Find the Right Hard Money Lenders in Dallas Fort Worth Metroplex
Admin - Oct 15, 2016
So, here are the things you must work on to find the right and reliable hard money lender in Dallas Fort Worth Metroplex, Texas.
Know Your Hard Money Needs:
Many hard money lenders deal only in niche category of loans while other offers the full-fledged loan portfolio. For example, some lenders may offer only in fix & flips, new construction or in commercial properties. If you’re looking to flip the house, you will want to pick the one who is specialized in the flipping loans. So, it is essential to pick the lender to meet your specific finance need.
Prefer Local Hard Money Lender:
Well, there are many convincing reasons to deal with the local hard money lender. First and foremost, a local hard money lender is well versed with the condition of the real estate market of his area which comes handy in property inspection, understanding the market values and transactions. That’s why a savvy real estate investor prefers hard money lenders based in Dallas Forth Worth Metroplex over the one who operates from other states far away who they will never meet and always be just another number.
Seek Recommendations and Reviews:
Ask your fellow investors to recommend the reliable hard money lender. They can tell you about the lender’s practices and his approach to customer services. Talk to the lender and see if your personalities and work styles will work well together.
Just like when you hire a contractor it’s not all about rates. If you hire the cheapest contractor you can find you are likely to get the lowest quality workmanship, take longer to complete which costs you money and may never even finish the job. Ask the hard money lender questions like when I turn in my draw request how long does it take to get my funds? This varies greatly from lender to lender and can really leave you in a jam when you need to pay your contractors. Bottom line is quality of the services should be your first priority over prices.
Ask the Terms and Conditions Upfront:
This point covers the following questions you must ask your lender:
- Which percentage of ARV you finance?
- What is the length of financing term?
- How long does it take to get funds approved?
Make sure the terms and conditions are reasonable.
So, these are things you must consider to pick the right hard money lender for you project.
Loans 4 Investors is a DFW, Texas based hard money lender specializing in all types of hard money loans including fix and flips loans, landlord acquisition loans and gap funding loans. We also serve other lending markets like Oklahoma, Arkansas, Mississippi, and Tennessee. We consider other real estate markets on an individual basis and only for highly experienced borrowers & great projects.