Why Use a Hard Money Lender?
Why on earth would a retired oil executive that makes $500,000 a year, with credit scores over 750, and is putting 20% or more down use a “Hard Money Lender”?
The main reason is they thought obtaining a mortgage would be a “piece of cake” and later found out that their $500,000 could not be counted as income by the lender. As it turned out, the preapproval letter that the big bank lender gave the buyer was not worth the paper it was printed on. That is just one of the many horror stories that we hear on a daily basis about someone trying to obtain a mortgage. And after 35 years of making traditional home loans, I can tell you first-hand that the state of the mortgage industry is absolutely ridiculous unless you are a “cookie-cutter” borrower. And to be honest with you, hardly anybody is.
As one of our borrowers stated in a recent testimonial, our loans should be called “Easy Money Loans” instead of “ Hard Money Loans ”. In the above scenario, we were able to step in and close the borrower’s loan as soon as we received title work. Instead of losing his earnest money and the property, he was able to close on time. He can now take his time and obtain a permanent loan. Our loan has no prepayment penalty.
It was fortunate that the above-mentioned borrower already owned his own home as we do not make loans on owner-occupied properties. This type of loan is called a “Bridge Loan”. Relative Lending, LLC is Houston’s and Austin’s premier asset-based hard money lender. We specialize in lending money to real estate investors who buy, fix up, rent, and sell property. We loan anywhere in Houston and Austin and their surrounding areas. We make the process fast and easy as we make all of the decisions and lend our own money. We can move very quickly to close our loans, often a day or two of initial contact. Credit is not an issue with Relative Lending and there are no upfront or hidden fees. We will never ask you to spend one penny unless you get the loan from us. If you need money to buy, refinance, cash-out, or take advantage of a real estate transaction quickly (no owner-occupied property), you need to call Relative Lending today and talk directly with Larry or Mike. You will like doing business with us. Call 713-662-9000 and either Mike or Larry will pick up or email them directly. Or you can fill out the contact information form on our website, www.relativelending.com and Mike or Larry will contact you.