Houston Hard Money Lenders
If you’re looking for a premier hard money lender in Houston who you can trust, look no further than Source Capital. With over 65 combined years of experience in hard money lending, we have both the capital and experience you can count on. We understand the importance of fast closing and quick funding, no matter how big or small your real estate project may be. Whether you need a Houston hard money loan to finance your next residential or commercial real estate business venture, contact Source Capital to see how our team of hard money lenders in Texas can help.
What are Houston hard money loans?
Hard money loans are an alternative, asset-based form of financing that many real estate investors find attractive when compared to a conventional mortgage. Whereas traditional lending is based mostly on the credit-worthiness of the buyer, hard money loans in Houston are primarily focused on equity in the property. As opposed to banks and financial institutions, Houston hard money lenders are typically private individuals or small groups, like Source Capital, who provide financing with their own direct funds. Because the capital is cold and hard, it’s distributed much more quickly than traditional lending can offer. In most cases, hard money loans are used to finance real estate business projects in Houston lasting between one to three years.
Why choose Houston hard money lending?
Whether you’re a seasoned investor or first-time buyer, those looking to use real estate for business know that time is of the essence. Between procuring the funds faster than your competition and closing quickly to start flipping a profit, we know how important it is to allocate expedient financing. Unfortunately, traditional lenders can take weeks or even months to approve your loan. After filling out mountains of paperwork and being filtered through multiple hands, if your loan manages to meet their strict lending requirements, it could take four to eight weeks to for a bank to distribute your funds within their circulating pool of money. Most conventional mortgages are locked in at 15- or 30-year terms, with interest rates which may or may not fluctuate, making paying off the property seem like an impossible task.
Hard money lenders in Houston offer a creative alternative for real estate investors who don’t care to wait through this long, laborious process. Those who know how risky it is to leave a property sitting on the market during a lengthy close take advantage of the faster processing times offered by direct, private lenders. Source Capital underwrites our own loans in-house, cutting out the time—and cost!—of going through a third-party middle man. We fund our Houston hard money loans with direct capital from our team of private lenders, and can often times have your funds dispersed in a matter of days, not weeks or months.
If you’ve been turned down by traditional lenders, Source Capital can help. Banks and financial institutions typically require you to meet minimum income and credit score requirements to qualify for traditional lending, but our asset-based lending is focused on the value of the real estate. That means we may be able to overlook a buyer’s unique circumstances and approve them for a hard money loan in Houston—even if they were disqualified in the past.
Finally, Source Capital’s hard money loans offer terms that last up to 36 months. Investors who don’t want to be stuck in a mortgage for over a decade choose our hard money lending in Houston so they can quickly close and move on to their next Texas business project. In our efforts to help you reach your financing goals, Source Capital promises to never increase our interest rates, ensuring you’ll never get hit with hidden fees.
Ultimately, investors choose Source Capital hard money lenders in Houston because:
- Easy application process
- Fast turnaround for approval status—typically within 24 hours of receipt of your loan application
- Quick funding and closing—typically within 7-10 days following approval
- No minimum income requirement
- No minimum credit score
- Limited-income and self-employed, OK
- Fixed interest rate starting at 7.99%
- No prepayment fees or “junk” fees
- Terms lasting up to 36 months
What properties can Houston hard money lenders finance?
Per the Texas Homestead Act and the Texas Secure and Fair Enforcement for Mortgage Licensing Act (“Texas SAFE Act”), hard money loans may only be used to finance non-owner occupied properties intended for business use, not for personal, family, or household use.
That aside, our Houston hard money loans can be used to finance a number of Texas-based properties that are either residential, commercial, or industrial.
- Residential properties include: fix-and-flip properties (buy and hold, remodel, complete renovation), 1-4 unit homes (single-family residences, apartments, condominiums, duplexes, triplexes, quadraplexes)
- Commercial properties include: multi-family units (buildings, complexes, planned communities), retail space (malls, strip centers, inline retail), office space (business, medical, executive suites), hospitality centers (restaurant, hotel/motel), and industrial (warehouse, manufacturing, distribution centers)
If you’re looking for a Houston hard money lender to finance a bridge loan, Source Capital can do so for up to 12 months.
Who qualifies for a hard money loan in Houston?
We are proud to offer financing solutions where others could not or would not. If you’ve been denied a loan in the past, don’t be deterred; we may be able to help. Our goal is to make sure your entire loan process is smooth, including your ability to make your monthly payments, but we can look past borrower circumstances and qualify “risky” borrowers such as those who are/have:
- Past bankruptcy
- Past foreclosure
- Low credit
- Limited income
- Foreign nationals
How do I apply for a Houston hard money loan?
If you’re curious to see whether you may qualify for our Houston hard money lending program, simply apply online—it’s fast, easy, and best of all, free! There are a number of ways you can apply; chat with a representative online, fill out our online application, or just give us a call. Get the answers you need in no time at all from the comfort of your own home; you’ll always speak with a decision-maker, and will never be given the runaround typical of other lenders. We recommend calling us for the fastest response; we’ll be able to ask any necessary questions, and answer any questions you may have, in order to approve your loan in a matter of minutes, not hours.
Why choose Source Capital as my Houston hard money lender?
Since our founding in 2007, we’ve helped fund over $250M in real estate loans secured by property. Our wealth of experience gives us confidence in handling even the most complex real estate transactions and our clients know they can count on us to deliver as promised time and time again. We let our satisfied borrowers speak for themselves, and point to our A+ rating with the Better Business Bureau as well as our five-star reputation as an industry-leading lender. When you’re ready to turn your real estate dreams into a reality, contact Source Capital’s Houston hard money lenders to see how we can help.