![](https://biggerpockets.s3.amazonaws.com/assets/member-blog-image.jpg)
![](https://biggerpockets.s3.amazonaws.com/assets/logo@3x.png)
How to Find Commercial Texas Hard Money Lenders That Are the Real Deal
There are lots of , but not all can become real contributors to your success. Learn how to evaluate your options, so you can get funded fast and have a great experience.
Step 1: Watch the language. Finding people who promise you the sun, moon, and stars? That’s a warning sign. Yes, you can get funded even if you have rotten credit and you can get a substantial sum too, but if the company is veering from industry standards by promising you all the money you need with no down and interest rates well below average, they’re probably wasting your time.
Step 2: Do some research. Find out what the company’s track record is like and if they have a strong history of helping people like you. They may be great to work with, but if they don’t typically have involvement in your industry, it’s going to be harder to get funded.
Step 3: Find out the terms in advance. If you’re working with a reputable company, chances are they’ll have lots of information on their website about the process and what they offer. Look for pages that give overviews about the types of projects they fund and the rates they offer. Beware of barren websites. that are well-established and have created a successful businesses will have sites packed with information that make it easy to understand what you’re getting into before you reach out to them directly.
Know the Differences Between Industry Standards and Fluff
Chances are, you will have to put some skin in the game. Anywhere between 50-90% LTV is considered standard. That means you can expect to receive funds equal to somewhere between 50% and 90% of the asset you’re leveraging. In other words, if you’re purchasing real estate valued at $100,000, you won’t get more than $90,000. Some use ARV, which is “after repair value.” If this figure is used, expect the percentage available to be much lower. It’s also worth noting that one of the key benefits of working with alternative lenders is that they can lend a helping hand when bank financing is not an option, but no company can help every single person who applies. Some simply don’t have sound strategies or haven’t evaluated the risks and profit margins well enough. Don’t buy into the hype if a company says they can help everyone. They can’t, and if they did, they’d be out of business fast.
A good lending team is there when you need them.When care about you, they value your time and work diligently. You should expect prompt responses, answers to your questions, and people who are more than willing to see that you get the best rates possible for your situation. They will help you identify issues with your approach and will find ways to assist, even if you have rotten credit or haven’t been in business for long.
Dennis Dahlberg
Broker/RI/CEO/MLO
Level 4 Funding LLC
Hard Money Lender
Hard Money Loans
Hard Money Loan
Arizona Tel: (623) 582-4444
Texas Tel: (512) 516-1177
[email protected]
Dennis Dahlberg Broker/RI/CEO
NMLS 1057378 | AZMB 0923961 | MLO 1057378
22601 N 19th Ave Suite 112 | Phoenix | AZ | 85027
111 Congress Ave | Austin | Texas | 78701
About the Author: Dennis has been working in the real estate industry in some capacity for the last 40 years. He purchased his first property when he was just 18 years old. He quickly learned about the amazing investment opportunities provided by trust deed investing and hard money loans. His desire to help others make money in real estate investing led him to specialize in alternative funding for real estate investors who may have trouble getting a traditional bank loan. Dennis is passionate about alternative funding sources and sharing his knowledge with others to help make their dreams come true. Dennis has been married to his wonderful wife for 43 years. They have 2 beautiful daughters 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.
© 2016 Level 4 Funding LLC. All Rights Reserved.
Copyright | Privacy Policy | *Terms & Conditions
Comments