Hard Money Loans - Houston & Austin TX
Loan to Value (LTV)
Many of our customers ask what percentage of the property value the lender will loan. There is no standard Loan to Value (LTV) percentage that we use for every loan. For more attractive properties, we might loan as much as 90%, whereas for others we might loan 50% or nothing at all, with the average LTV being around 75%. Larry makes his own value judgment and often will not require an appraisal, handling the task himself and saving money for the borrower. If Larry is unable to determine the value or if the borrower asks for a higher LTV, then we will need an outside appraisal.
Minimum Loan Amount $50,000
Maximum Loan Amount $2,000,000
More information about hard money loans
At Larry the Lender, we specialize in hard money loans for real estate investment. You may have some questions about exactly what a hard money loan is, what it can be used for, and who would benefit from this type of loan. If so, you’ve come to the right page! If you’re already pretty sure that a hard money loan is right for your real estate investment, call us now at 713-662-9000 for a free consultation.
But if you’d like to know more before you call, read on.
What is a hard money loan?
A hard money loan – also known as a “bridge loan” – is a short-term real estate investment loan provided by a private lender, like us. We’re not a bank, a credit union, or a traditional financial institution that provides traditional loans. We’re lend our own money. This makes the lending process quick and easy, because all of the agreements and decisions are up to us!
One of the main differences between a hard money loan and a traditional loan is how we determine how much money you qualify for. Rather than basing the amount of the loan on your credit score, we base the amount on the value of the property that you would like to invest in. If we determine that the property has a high value, you will get a bigger loan. If we determine that the property is not so valuable, we will be more cautious, if we decide to lend at all.
What properties qualify for a hard money loan?
Larry the Lender provides hard money loans for all types of properties, other than owner-occupied primary residences. If you are looking for a loan for a property that you currently reside in, we apologize, but we do not offer those types of loans.
However, if you are looking to invest in commercial property, rental property, property that you intend to renovate and immediately sell, or other types of property that do not fall under the category of “owner-occupied primary residence,” we will happily work with you to put together a loan that meets your needs.
Who should consider applying for a hard money loan?
Hard money loans are a great real estate investment tool for:
- House flippers
- Business owners, both established and new
- Real estate developers
- …and anyone else looking for a short-term loan to finance a real estate project for property that they do not currently reside in
What sorts of projects are hard money loans good for?
Hard money loans are good for quick financing of projects such as:
- Major renovations of properties that will be put up for sale
- Major renovations of properties that will be rented out
- Major renovations of commercial properties
- Purchase of new commercial properties
- Cash-out on investment properties
- …and other real estate projects involving properties that you do not currently reside in
Why choose Larry the Lender for hard money loans?
We’re fast. Loans are often closed within a day or two of initial contact. We lend our own money and make our own decisions, so we don’t have to deal with the red tape of traditional financial institutions. Our goal is to get your property appraised and approve your loan as quickly as possible so you can get started on your project.
No upfront or hidden fees. We believe in transparency. We’re open and honest about our loan rates, terms, and fees, so you’ll never be blindsided with surprise costs. You don’t pay us anything if your loan is not approved, and there is no prepayment penalty for paying off your loan before it reaches maturity. We provide all information upfront and are happy to answer any questions you might have about hard money loans and the hard money lending process, so you can make an informed decision.
Looking for a hard money loan? Call 713-662-9000 now or fill out our form.